First National Trust Co Has $10.47 Million Stake in Adobe Inc. (NASDAQ:ADBE)

First National Trust Co lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 11.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,552 shares of the software company’s stock after selling 2,273 shares during the quarter. First National Trust Co’s holdings in Adobe were worth $10,472,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. HBC Financial Services PLLC bought a new position in Adobe in the 3rd quarter valued at about $25,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe in the fourth quarter worth approximately $35,000. BluePath Capital Management LLC bought a new position in shares of Adobe in the third quarter valued at approximately $39,000. Hanseatic Management Services Inc. bought a new stake in Adobe during the third quarter worth $45,000. Finally, First Command Advisory Services Inc. bought a new stake in Adobe during the third quarter worth $52,000. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock worth $1,424,432 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ADBE. Mizuho reaffirmed a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Robert W. Baird reduced their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Evercore ISI reiterated an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Price Performance

Shares of ADBE stock traded up $9.61 during trading hours on Friday, reaching $486.18. The stock had a trading volume of 2,833,186 shares, compared to its average volume of 2,940,603. The stock’s fifty day simple moving average is $508.34 and its 200 day simple moving average is $561.74. The firm has a market capitalization of $217.81 billion, a PE ratio of 46.48, a PEG ratio of 2.63 and a beta of 1.28. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the firm earned $2.97 EPS. On average, equities research analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has authorized a share buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are often 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.