WASHINGTON TRUST Co Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

WASHINGTON TRUST Co reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,116 shares of the software company’s stock after selling 1,671 shares during the period. WASHINGTON TRUST Co’s holdings in Adobe were worth $19,757,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ADBE. Iron Horse Wealth Management LLC purchased a new stake in Adobe in the third quarter valued at approximately $25,000. HBC Financial Services PLLC purchased a new stake in Adobe in the third quarter valued at approximately $25,000. Global Wealth Strategies & Associates lifted its stake in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the last quarter. Financial Freedom LLC purchased a new stake in Adobe in the fourth quarter valued at approximately $29,000. Finally, Halpern Financial Inc. lifted its stake in Adobe by 314.3% in the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, the insider now directly owns 7,614 shares in the company, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. In the last three months, insiders sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is currently owned by insiders.

Adobe Trading Down 1.0 %

Shares of Adobe stock traded down $5.20 during trading hours on Wednesday, hitting $502.40. The company’s stock had a trading volume of 2,560,615 shares, compared to its average volume of 3,648,410. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The business has a fifty day moving average of $575.19 and a 200 day moving average of $571.94. The company has a market capitalization of $227.36 billion, a PE ratio of 48.01, a P/E/G ratio of 2.74 and a beta of 1.29. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.97 EPS. As a group, equities analysts forecast that Adobe Inc. will post 14.57 EPS for the current year.

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

Analyst Ratings Changes

ADBE has been the subject of several recent research reports. Barclays decreased their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Robert W. Baird dropped their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Wells Fargo & Company cut their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Wednesday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $630.00 target price on shares of Adobe in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

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.