First National Bank of Mount Dora Trust Investment Services Increases Position in Adobe Inc. (NASDAQ:ADBE)


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First National Bank of Mount Dora Trust Investment Services increased its position in Adobe Inc. (NASDAQ:ADBE) by 22.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 13,682 shares of the software company’s stock after buying an additional 2,501 shares during the period. Adobe comprises approximately 2.3% of First National Bank of Mount Dora Trust Investment Services’ holdings, making the stock its 11th largest position. First National Bank of Mount Dora Trust Investment Services’ holdings in Adobe were worth $6,504,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Baystate Wealth Management LLC raised its position in shares of Adobe by 10.5% during the fourth quarter. Baystate Wealth Management LLC now owns 231 shares of the software company’s stock valued at $116,000 after buying an additional 22 shares during the last quarter. Cobblestone Capital Advisors LLC NY lifted its stake in shares of Adobe by 2.6% in the 4th quarter. Cobblestone Capital Advisors LLC NY now owns 884 shares of the software company’s stock valued at $442,000 after purchasing an additional 22 shares during the last quarter. TrinityPoint Wealth LLC boosted its holdings in shares of Adobe by 1.9% in the 4th quarter. TrinityPoint Wealth LLC now owns 1,170 shares of the software company’s stock worth $557,000 after purchasing an additional 22 shares during the period. Procyon Private Wealth Partners LLC increased its position in shares of Adobe by 3.0% during the 4th quarter. Procyon Private Wealth Partners LLC now owns 812 shares of the software company’s stock valued at $406,000 after purchasing an additional 24 shares during the last quarter. Finally, Level Four Advisory Services LLC raised its holdings in Adobe by 1.2% during the 4th quarter. Level Four Advisory Services LLC now owns 2,105 shares of the software company’s stock valued at $1,053,000 after buying an additional 24 shares during the period. Institutional investors and hedge funds own 82.43% of the company’s stock.

NASDAQ ADBE traded up $9.01 during trading hours on Thursday, reaching $502.42. The stock had a trading volume of 15,928 shares, compared to its average volume of 2,869,100. Adobe Inc. has a 52-week low of $308.20 and a 52-week high of $536.88. The stock has a fifty day moving average of $461.15 and a 200 day moving average of $476.51. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.44 and a current ratio of 1.48. The stock has a market cap of $240.16 billion, a P/E ratio of 45.52, a price-to-earnings-growth ratio of 2.55 and a beta of 0.97.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Monday, March 22nd. The software company reported $3.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.79 by $0.35. Adobe had a net margin of 40.88% and a return on equity of 35.81%. The firm had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the prior year, the business earned $2.27 earnings per share. The business’s quarterly revenue was up 26.3% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 9.47 EPS for the current year.

Adobe declared that its Board of Directors has initiated a share repurchase program on Thursday, December 10th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 6.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

In other Adobe news, CEO Shantanu Narayen sold 80,907 shares of the company’s stock in a transaction dated Monday, January 25th. The shares were sold at an average price of $471.85, for a total value of $38,175,967.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 600 shares of the stock in a transaction dated Friday, January 15th. The stock was sold at an average price of $463.07, for a total transaction of $277,842.00. Following the sale, the executive vice president now directly owns 15,467 shares in the company, valued at $7,162,303.69. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,558 shares of company stock valued at $52,990,341. 0.31% of the stock is owned by company insiders.

ADBE has been the topic of several recent analyst reports. Oppenheimer initiated coverage on shares of Adobe in a research note on Friday, December 11th. They issued a “buy” rating and a $550.00 target price on the stock. Royal Bank of Canada boosted their price objective on Adobe from $570.00 to $575.00 and gave the company an “outperform” rating in a report on Friday, December 11th. Stifel Nicolaus assumed coverage on shares of Adobe in a research note on Friday, January 15th. They set a “buy” rating for the company. Morgan Stanley raised their price target on shares of Adobe from $560.00 to $575.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 30th. Finally, Barclays restated a “buy” rating and issued a $605.00 target price on shares of Adobe in a research note on Sunday, December 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $547.58.

Adobe Company Profile

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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