Community Bank & Trust Waco Texas Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Community Bank & Trust Waco Texas lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,137 shares of the software company’s stock after selling 50 shares during the period. Community Bank & Trust Waco Texas’ holdings in Adobe were worth $678,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Morgan Stanley boosted its holdings in shares of Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the period. Northern Trust Corp raised its holdings in Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares in the last quarter. Jennison Associates LLC raised 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 purchasing an additional 498,957 shares in the last quarter. Invesco Ltd. lifted its position in shares of 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 purchasing an additional 889,607 shares during the period. Finally, Concentrum Wealth Management boosted its stake in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Activity at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 96 shares of the 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 sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 984 shares of company stock worth $577,171 in the last three months. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.3 %

Shares of NASDAQ ADBE traded up $1.32 during midday trading on Wednesday, hitting $474.22. 793,367 shares of the company’s stock were exchanged, compared to its average volume of 3,506,476. The firm’s fifty day simple moving average is $521.61 and its 200-day simple moving average is $565.95. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $212.45 billion, a PE ratio of 45.37, a P/E/G ratio of 2.53 and a beta of 1.28. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the firm earned $2.97 EPS. The business’s revenue was up 11.3% on a year-over-year basis. Research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. HSBC decreased their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. DA Davidson reissued a “buy” rating and set a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. Mizuho reaffirmed a “buy” rating and issued a $680.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, KeyCorp initiated coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.