Washington Trust Advisors Inc. Has $224,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Washington Trust Advisors Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 130.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 376 shares of the software company’s stock after acquiring an additional 213 shares during the quarter. Washington Trust Advisors Inc.’s holdings in Adobe were worth $224,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in ADBE. Well Done LLC boosted its holdings in shares of Adobe by 23.1% during the 4th quarter. Well Done LLC now owns 512 shares of the software company’s stock worth $305,000 after buying an additional 96 shares during the period. Procyon Advisors LLC boosted its holdings in shares of Adobe by 12.9% during the 4th quarter. Procyon Advisors LLC now owns 7,180 shares of the software company’s stock worth $4,284,000 after buying an additional 818 shares during the period. Planned Solutions Inc. bought a new stake in shares of Adobe during the 4th quarter worth $399,000. IFG Advisory LLC boosted its holdings in shares of Adobe by 8.8% during the 4th quarter. IFG Advisory LLC now owns 2,091 shares of the software company’s stock worth $1,247,000 after buying an additional 170 shares during the period. Finally, Highland Capital Management LLC boosted its holdings in shares of Adobe by 6.2% during the 4th quarter. Highland Capital Management LLC now owns 5,709 shares of the software company’s stock worth $3,406,000 after buying an additional 335 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now directly 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 Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 788 shares of the business’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 directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. In the last three months, insiders sold 9,162 shares of company stock valued at $5,340,250. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Citigroup increased their price target on shares of Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a report on Tuesday, December 12th. Barclays reduced their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Mizuho reissued a “buy” rating and issued a $680.00 price target on shares of Adobe in a report on Wednesday. Finally, KGI Securities raised shares of Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 price target for the company in a report on Monday, December 4th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

NASDAQ ADBE traded down $1.05 during trading on Thursday, hitting $503.35. 2,240,736 shares of the company’s stock were exchanged, compared to its average volume of 3,653,357. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14. The company has a market cap of $227.79 billion, a PE ratio of 48.02, a P/E/G ratio of 2.75 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock’s 50 day moving average price is $573.39 and its two-hundred day moving average price is $571.57.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the firm posted $2.97 earnings per share. The firm’s revenue was up 11.3% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 14.57 EPS for the current year.

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

Adobe Company 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.