Community Bank & Trust Waco Texas Has $678,000 Stake in Adobe Inc. (NASDAQ:ADBE)

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

A number of other hedge funds have also modified their holdings of the company. Rockland Trust Co. raised its position in Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after buying an additional 44 shares during the last quarter. Federated Hermes Inc. boosted its holdings in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC grew its position in Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares in the last quarter. Team Hewins LLC bought a new stake in Adobe during the 3rd quarter worth about $4,141,000. Finally, Guinness Asset Management LTD boosted its stake in shares of Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after buying an additional 2,499 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

ADBE traded up $1.32 during trading on Wednesday, hitting $474.22. 793,367 shares of the company traded hands, compared to its average volume of 3,506,476. 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 1 year low of $331.89 and a 1 year high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock’s 50-day simple moving average is $521.61 and its two-hundred day simple moving average is $565.95.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS 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 company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the business posted $2.97 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms have issued reports on ADBE. Robert W. Baird dropped their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. UBS Group reduced their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. TD Cowen dropped their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Oppenheimer reaffirmed an “outperform” rating and set a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, Bank of America dropped their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Two investment 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 MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred 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 directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold 984 shares of company stock worth $577,171 in the last three months. Corporate insiders own 0.15% of the company’s stock.

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.