Adobe Inc. (NASDAQ:ADBE) Shares Sold by Cape ANN Savings Bank

Cape ANN Savings Bank trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 1.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,438 shares of the software company’s stock after selling 37 shares during the quarter. Adobe makes up approximately 1.4% of Cape ANN Savings Bank’s holdings, making the stock its 19th largest position. Cape ANN Savings Bank’s holdings in Adobe were worth $2,124,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Morgan Stanley lifted its holdings in shares of Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Adobe by 10.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after buying an additional 590,533 shares during the last quarter. Norges Bank acquired a new position in shares of Adobe during the fourth quarter valued at $3,277,785,000. Northern Trust Corp grew its position in shares of Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after acquiring an additional 202,136 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Adobe by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after acquiring an additional 16,379 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ADBE shares. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Friday. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday. Bank of America reduced their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a report on Monday, June 10th. Finally, Melius Research reaffirmed a “hold” rating and issued a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $607.67.

Adobe Stock Down 1.3 %

Shares of NASDAQ:ADBE opened at $518.74 on Tuesday. The firm has a 50 day simple moving average of $475.32 and a 200 day simple moving average of $539.44. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The company has a market cap of $232.40 billion, a PE ratio of 46.61, a price-to-earnings-growth ratio of 2.84 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the prior year, the company earned $3.04 earnings per share. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.