SlateStone Wealth LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

SlateStone Wealth LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,892 shares of the software company’s stock after buying an additional 156 shares during the quarter. SlateStone Wealth LLC’s holdings in Adobe were worth $3,515,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in ADBE. Rockland Trust Co. lifted its position in Adobe by 4.1% during the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares during the period. Federated Hermes Inc. raised its position in shares of Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after acquiring an additional 41,164 shares during the period. Mainsail Financial Group LLC raised its position in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares during the period. Team Hewins LLC acquired a new position in shares of Adobe in the third quarter worth about $4,141,000. Finally, Guinness Asset Management LTD raised its position in shares of Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after acquiring an additional 2,499 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders sold 984 shares of company stock worth $577,171. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of analyst reports. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. TD Cowen decreased their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. HSBC cut their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. BMO Capital Markets reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $3.37 during midday trading on Wednesday, hitting $476.27. The company had a trading volume of 243,586 shares, compared to its average volume of 3,501,086. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The business has a 50-day simple moving average of $521.61 and a two-hundred day simple moving average of $565.95. The firm has a market capitalization of $213.37 billion, a price-to-earnings ratio of 45.21, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28.

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

Adobe announced that its board has initiated a share repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are 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.