Trust Co of Kansas Has $6.82 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Trust Co of Kansas lowered its position in Adobe Inc. (NASDAQ:ADBE) by 1.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,427 shares of the software company’s stock after selling 200 shares during the quarter. Adobe accounts for approximately 3.8% of Trust Co of Kansas’ investment portfolio, making the stock its 12th largest position. Trust Co of Kansas’ holdings in Adobe were worth $6,817,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Iron Horse Wealth Management LLC acquired a new position in shares of Adobe in the third quarter worth approximately $25,000. HBC Financial Services PLLC bought a new stake in Adobe in the third quarter valued at $25,000. Global Wealth Strategies & Associates raised its stake in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares during the period. Wetzel Investment Advisors Inc. bought a new position in Adobe in the fourth quarter worth approximately $35,000. Finally, BluePath Capital Management LLC acquired a new stake in Adobe in the third quarter valued at approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock traded up $6.30 during trading on Tuesday, hitting $473.19. The company had a trading volume of 1,424,746 shares, compared to its average volume of 3,531,445. The stock’s 50-day moving average is $524.19 and its two-hundred day moving average is $566.33. The stock has a market capitalization of $211.99 billion, a price-to-earnings ratio of 44.88, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28. 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 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the firm earned $2.97 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has approved a share buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,075 shares of company stock worth $1,848,418 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ADBE. HSBC cut their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Stifel Nicolaus reduced their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Piper Sandler Companies dropped their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. TD Cowen cut their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

About Adobe

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.