Charles Schwab Trust Co Sells 103 Shares of Adobe Inc. (NASDAQ:ADBE)

Charles Schwab Trust Co lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 12.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 699 shares of the software company’s stock after selling 103 shares during the quarter. Charles Schwab Trust Co’s holdings in Adobe were worth $318,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Welch & Forbes LLC boosted its position in Adobe by 4.1% during the fourth quarter. Welch & Forbes LLC now owns 82,260 shares of the software company’s stock worth $46,646,000 after purchasing an additional 3,210 shares during the period. Vident Investment Advisory LLC boosted its position in shares of Adobe by 17.7% in the fourth quarter. Vident Investment Advisory LLC now owns 8,751 shares of the software company’s stock valued at $4,962,000 after acquiring an additional 1,318 shares during the period. Peak Financial Management Inc. bought a new position in shares of Adobe in the fourth quarter valued at approximately $201,000. Benjamin Edwards Inc. bought a new position in shares of Adobe in the fourth quarter valued at approximately $35,000. Finally, Rather & Kittrell Inc. bought a new position in shares of Adobe in the fourth quarter valued at approximately $47,000. Hedge funds and other institutional investors own 82.54% of the company’s stock.

A number of equities analysts have recently commented on the stock. Cowen cut their price objective on shares of Adobe from $550.00 to $520.00 and set an “outperform” rating for the company in a research report on Friday, June 17th. JPMorgan Chase & Co. cut their price objective on shares of Adobe from $645.00 to $540.00 in a research report on Wednesday, March 23rd. Stifel Nicolaus cut their price objective on shares of Adobe from $600.00 to $500.00 in a research report on Friday, June 17th. Robert W. Baird lowered their target price on shares of Adobe from $550.00 to $450.00 and set an “outperform” rating on the stock in a research note on Friday, June 17th. Finally, Oppenheimer lowered their target price on shares of Adobe from $560.00 to $400.00 and set an “outperform” rating on the stock in a research note on Friday, June 17th. Seven equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $489.31.

In other Adobe news, Director John E. Warnock sold 5,000 shares of the company’s stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the sale, the director now owns 405,165 shares in the company, valued at approximately $163,808,209.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John E. Warnock sold 615 shares of the company’s stock in a transaction dated Thursday, April 14th. The stock was sold at an average price of $432.03, for a total value of $265,698.45. Following the sale, the director now owns 410,165 shares in the company, valued at approximately $177,203,584.95. The disclosure for this sale can be found here. Insiders sold a total of 11,075 shares of company stock worth $4,596,246 in the last quarter. Company insiders own 0.23% of the company’s stock.

NASDAQ ADBE traded up $10.25 on Thursday, reaching $375.58. 48,080 shares of the company were exchanged, compared to its average volume of 3,497,868. The business’s fifty day moving average price is $403.52 and its 200 day moving average price is $467.67. The stock has a market capitalization of $177.46 billion, a P/E ratio of 35.68, a price-to-earnings-growth ratio of 1.98 and a beta of 1.08. The company has a current ratio of 1.07, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26. Adobe Inc. has a fifty-two week low of $338.00 and a fifty-two week high of $699.54.

Adobe (NASDAQ:ADBEGet Rating) last posted its earnings results on Thursday, June 16th. The software company reported $3.35 EPS for the quarter, beating analysts’ consensus estimates of $3.31 by $0.04. Adobe had a return on equity of 36.70% and a net margin of 29.29%. During the same period in the prior year, the company earned $2.56 EPS. Equities research analysts forecast that Adobe Inc. will post 10.98 earnings per share for the current year.

Adobe Company Profile (Get Rating)

Adobe Inc 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.

Further Reading

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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