First National Trust Co Sells 2,273 Shares of Adobe Inc. (NASDAQ:ADBE)

First National Trust Co lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 11.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,552 shares of the software company’s stock after selling 2,273 shares during the period. First National Trust Co’s holdings in Adobe were worth $10,472,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ADBE. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Adobe by 5.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 116,382 shares of the software company’s stock valued at $59,343,000 after purchasing an additional 6,270 shares in the last quarter. Hanson & Doremus Investment Management lifted its holdings in Adobe by 18.2% during the third quarter. Hanson & Doremus Investment Management now owns 130 shares of the software company’s stock worth $66,000 after buying an additional 20 shares during the period. Pinnacle West Asset Management Inc. boosted its position in Adobe by 8.3% during the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock valued at $602,000 after acquiring an additional 90 shares in the last quarter. Legacy Financial Group LLC purchased a new position in shares of Adobe in the 3rd quarter valued at $119,000. Finally, Channel Wealth LLC purchased a new stake in shares of Adobe during the 3rd quarter worth $271,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded up $9.61 during mid-day trading on Friday, reaching $486.18. 2,833,186 shares of the stock were exchanged, compared to its average volume of 2,940,603. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $217.81 billion, a P/E ratio of 46.48, a P/E/G ratio of 2.63 and a beta of 1.28. The business’s 50 day moving average is $508.34 and its 200-day moving average is $561.74.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.97 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ADBE shares. KeyCorp initiated coverage on Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price on the stock. DA Davidson restated a “buy” rating and issued a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Stifel Nicolaus lowered their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, TD Cowen decreased their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $620.72.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is owned by company insiders.

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.