Adobe Inc. (NASDAQ:ADBE) is Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s 8th Largest Position

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 1.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 570,075 shares of the software company’s stock after selling 10,745 shares during the quarter. Adobe makes up about 3.5% of Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s portfolio, making the stock its 8th biggest holding. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA owned 0.13% of Adobe worth $352,180,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Concentrum Wealth Management increased its holdings in Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after acquiring an additional 2,148,978 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Adobe in the 4th quarter worth $875,592,000. Invesco Ltd. increased its holdings in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. Jennison Associates LLC increased its holdings in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after acquiring an additional 498,957 shares in the last quarter. Finally, Alkeon Capital Management LLC purchased a new stake in shares of Adobe during the third quarter worth $152,970,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,075 shares of company stock valued at $1,848,418. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Up 0.4 %

Shares of NASDAQ ADBE traded up $1.87 during midday trading on Monday, hitting $466.89. The company’s stock had a trading volume of 2,602,910 shares, compared to its average volume of 3,559,545. The business’s fifty day simple moving average is $524.19 and its two-hundred day simple moving average is $566.33. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The firm has a market capitalization of $209.17 billion, a price-to-earnings ratio of 44.64, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28.

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

Adobe declared that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ADBE shares. UBS Group dropped their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Bank of America dropped their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Barclays dropped their target price 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. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Wells Fargo & Company dropped their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.