First Citizens Bank & Trust Co. cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 19.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,993 shares of the software company’s stock after selling 1,432 shares during the period. First Citizens Bank & Trust Co.’s holdings in Adobe were worth $2,998,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Roble Belko & Company Inc raised its holdings in shares of Adobe by 216.7% during the 3rd quarter. Roble Belko & Company Inc now owns 57 shares of the software company’s stock worth $28,000 after acquiring an additional 39 shares in the last quarter. Horan Capital Advisors LLC. purchased a new stake in Adobe in the third quarter worth $32,000. Rockbridge Investment Management LCC bought a new stake in shares of Adobe during the second quarter worth $36,000. Newfound Research LLC bought a new stake in shares of Adobe during the third quarter worth $38,000. Finally, Magellan Asset Management Ltd purchased a new stake in shares of Adobe during the third quarter valued at $39,000. Institutional investors and hedge funds own 82.43% of the company’s stock.
In other Adobe news, CAO Mark S. Garfield sold 948 shares of the firm’s stock in a transaction on Monday, December 14th. The shares were sold at an average price of $475.61, for a total value of $450,878.28. Following the completion of the transaction, the chief accounting officer now owns 178 shares of the company’s stock, valued at $84,658.58. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CMO Ann Lewnes sold 2,000 shares of Adobe stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $450.92, for a total transaction of $901,840.00. Following the sale, the chief marketing officer now owns 30,266 shares of the company’s stock, valued at $13,647,544.72. The disclosure for this sale can be found here. In the last three months, insiders sold 8,148 shares of company stock valued at $3,845,820. Corporate insiders own 0.31% of the company’s stock.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 9th. The software company reported $2.81 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.66 by $0.15. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The firm had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.36 billion. During the same quarter last year, the firm earned $2.29 EPS. The business’s quarterly revenue was up 14.4% on a year-over-year basis. As a group, sell-side analysts predict that Adobe Inc. will post 9.47 earnings per share for the current fiscal year.
Adobe announced that its Board of Directors has approved a share buyback program on Thursday, December 10th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the software company to reacquire up to 6.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.
A number of brokerages recently weighed in on ADBE. Oppenheimer started coverage on shares of Adobe in a report on Friday, December 11th. They set a “buy” rating and a $550.00 price objective for the company. Wells Fargo & Company lifted their price target on shares of Adobe from $375.00 to $500.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 16th. Bank of America boosted their price target on Adobe from $440.00 to $570.00 and gave the company a “buy” rating in a report on Wednesday, September 16th. Citigroup reduced their price objective on Adobe from $530.00 to $523.00 and set a “neutral” rating on the stock in a report on Wednesday, September 16th. Finally, R. F. Lafferty lifted their target price on Adobe from $550.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, September 16th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-two have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $521.27.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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