Means Investment CO. Inc. Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)


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Means Investment CO. Inc. cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.0% in the first quarter, Holdings Channel reports. The institutional investor owned 2,685 shares of the software company’s stock after selling 56 shares during the quarter. Means Investment CO. Inc.’s holdings in Adobe were worth $1,276,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the company. Security National Bank increased its position in shares of Adobe by 5.5% in the first quarter. Security National Bank now owns 12,325 shares of the software company’s stock valued at $5,859,000 after buying an additional 647 shares in the last quarter. Jacobs & Co. CA lifted its stake in shares of Adobe by 1.4% in the 1st quarter. Jacobs & Co. CA now owns 36,750 shares of the software company’s stock valued at $17,469,000 after purchasing an additional 507 shares during the last quarter. First National Bank of Mount Dora Trust Investment Services lifted its stake in shares of Adobe by 22.4% in the 1st quarter. First National Bank of Mount Dora Trust Investment Services now owns 13,682 shares of the software company’s stock valued at $6,504,000 after purchasing an additional 2,501 shares during the last quarter. Chemung Canal Trust Co. lifted its stake in shares of Adobe by 42.6% in the 1st quarter. Chemung Canal Trust Co. now owns 17,019 shares of the software company’s stock valued at $8,090,000 after purchasing an additional 5,081 shares during the last quarter. Finally, Private Asset Management Inc. acquired a new position in shares of Adobe in the 1st quarter valued at $244,000. Institutional investors and hedge funds own 82.43% of the company’s stock.

In related news, EVP Scott Belsky sold 600 shares of the stock in a transaction that occurred on Friday, January 15th. The stock was sold at an average price of $463.07, for a total value of $277,842.00. Following the completion of the transaction, the executive vice president now directly owns 15,467 shares of the company’s stock, valued at approximately $7,162,303.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Abhay Parasnis sold 4,000 shares of the stock in a transaction that occurred on Wednesday, February 10th. The stock was sold at an average price of $499.17, for a total value of $1,996,680.00. Following the completion of the transaction, the executive vice president now directly owns 43,746 shares of the company’s stock, valued at $21,836,690.82. The disclosure for this sale can be found here. Insiders have sold 112,558 shares of company stock valued at $52,990,341 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Several research firms recently issued reports on ADBE. Bank of America began coverage on Adobe in a research note on Thursday. They set a “buy” rating on the stock. Morgan Stanley increased their target price on Adobe from $560.00 to $575.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 30th. Oppenheimer began coverage on Adobe in a research note on Friday, December 11th. They set a “buy” rating and a $550.00 target price on the stock. BMO Capital Markets cut their price target on Adobe from $570.00 to $535.00 and set an “outperform” rating on the stock in a report on Tuesday, March 30th. Finally, Stifel Nicolaus initiated coverage on Adobe in a report on Friday, January 15th. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have issued a buy rating to the company. Adobe has a consensus rating of “Buy” and a consensus target price of $547.58.

Shares of NASDAQ:ADBE traded up $8.87 during trading on Thursday, hitting $502.28. The company’s stock had a trading volume of 38,547 shares, compared to its average volume of 2,869,100. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.44 and a current ratio of 1.48. The company has a market capitalization of $240.09 billion, a PE ratio of 45.52, a PEG ratio of 2.55 and a beta of 0.97. Adobe Inc. has a fifty-two week low of $308.20 and a fifty-two week high of $536.88. The stock’s 50-day moving average price is $461.15 and its two-hundred day moving average price is $476.51.

Adobe (NASDAQ:ADBE) last posted its earnings results on Monday, March 22nd. The software company reported $3.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.79 by $0.35. The company had revenue of $3.91 billion during the quarter, compared to analyst estimates of $3.76 billion. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The business’s revenue was up 26.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.27 earnings per share. On average, equities analysts predict that Adobe Inc. will post 9.47 earnings per share for the current fiscal year.

Adobe announced that its board has authorized a share repurchase program on Thursday, December 10th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the software company to purchase up to 6.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Adobe Profile

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