Heritage Trust Co Makes New Investment in Adobe Inc (NASDAQ:ADBE)

Heritage Trust Co acquired a new position in Adobe Inc (NASDAQ:ADBE) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,148 shares of the software company’s stock, valued at approximately $366,000.

Several other hedge funds have also added to or reduced their stakes in ADBE. Stephenson National Bank & Trust purchased a new position in shares of Adobe during the fourth quarter valued at approximately $25,000. Lion Street Advisors LLC purchased a new position in shares of Adobe during the first quarter valued at approximately $25,000. Sowa Financial Group Inc. purchased a new position in shares of Adobe during the fourth quarter valued at approximately $26,000. Solstein Capital LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $27,000. Finally, Laurel Wealth Advisors LLC lifted its holdings in shares of Adobe by 50.0% during the first quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock valued at $31,000 after purchasing an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 85.98% of the company’s stock.

Shares of ADBE stock traded up $3.09 during mid-day trading on Friday, reaching $385.26. 1,627,227 shares of the company’s stock traded hands, compared to its average volume of 2,763,171. Adobe Inc has a 12 month low of $255.13 and a 12 month high of $386.74. The firm has a 50 day moving average price of $342.06 and a two-hundred day moving average price of $332.10. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market capitalization of $184.13 billion, a PE ratio of 58.37, a price-to-earnings-growth ratio of 2.98 and a beta of 0.90.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 12th. The software company reported $2.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $0.04. Adobe had a net margin of 27.72% and a return on equity of 33.54%. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the firm posted $1.71 EPS. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities analysts expect that Adobe Inc will post 8 earnings per share for the current fiscal year.

In related news, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction on Friday, May 15th. The shares were sold at an average price of $352.45, for a total transaction of $211,470.00. Following the transaction, the executive vice president now owns 12,817 shares in the company, valued at approximately $4,517,351.65. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CMO Ann Lewnes sold 5,000 shares of Adobe stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $306.97, for a total transaction of $1,534,850.00. Following the transaction, the chief marketing officer now owns 59,565 shares in the company, valued at approximately $18,284,668.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,298 shares of company stock worth $4,025,976. 0.31% of the stock is owned by corporate insiders.

Several equities research analysts recently weighed in on the stock. Citigroup reduced their price target on shares of Adobe from $329.00 to $293.00 and set a “neutral” rating for the company in a research report on Friday, March 13th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and raised their price target for the company from $322.00 to $325.00 in a research report on Friday, March 13th. Canaccord Genuity reissued a “buy” rating and set a $350.00 price target on shares of Adobe in a research report on Wednesday, April 1st. Wells Fargo & Co reduced their price target on shares of Adobe from $345.00 to $315.00 and set an “equal weight” rating for the company in a research report on Friday, March 13th. Finally, Piper Sandler reduced their price target on shares of Adobe from $355.00 to $350.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $342.54.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, 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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