Adobe Inc. (NASDAQ:ADBE) Shares Sold by Loring Wolcott & Coolidge Fiduciary Advisors LLP MA

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA decreased its position in Adobe Inc. (NASDAQ:ADBE) by 1.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 570,075 shares of the software company’s stock after selling 10,745 shares during the quarter. Adobe comprises about 3.5% of Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings, making the stock its 8th largest position. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Adobe were worth $352,180,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its stake in shares of Adobe by 40.0% during the 4th quarter. Larson Financial Group LLC now owns 640 shares of the software company’s stock valued at $382,000 after acquiring an additional 183 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in shares of Adobe by 12.1% during the 4th quarter. Illinois Municipal Retirement Fund now owns 53,278 shares of the software company’s stock valued at $31,786,000 after acquiring an additional 5,749 shares during the last quarter. PDS Planning Inc increased its stake in shares of Adobe by 11.2% during the 4th quarter. PDS Planning Inc now owns 3,275 shares of the software company’s stock valued at $1,954,000 after acquiring an additional 331 shares during the last quarter. Aspire Private Capital LLC increased its stake in shares of Adobe by 2.8% during the 4th quarter. Aspire Private Capital LLC now owns 1,467 shares of the software company’s stock valued at $875,000 after acquiring an additional 40 shares during the last quarter. Finally, Garrison Asset Management LLC acquired a new position in shares of Adobe during the 4th quarter valued at about $482,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders have sold 3,075 shares of company stock valued at $1,848,418 over the last three months. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ADBE. Oppenheimer reaffirmed an “outperform” rating and set a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. 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 research report on Friday, March 15th. Piper Sandler Companies dropped their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Mizuho reissued a “buy” rating and set a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, Robert W. Baird dropped their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Up 0.4 %

Shares of Adobe stock traded up $1.87 on Monday, hitting $466.89. 2,602,910 shares of the company’s stock traded hands, compared to its average volume of 3,559,545. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm’s 50-day moving average is $524.19 and its 200 day moving average is $566.33. The stock has a market cap of $209.17 billion, a P/E ratio of 44.64, a PEG ratio of 2.52 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping 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 firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company earned $2.97 earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. Equities analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a stock buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership 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.