SlateStone Wealth LLC Has $3.52 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

SlateStone Wealth LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 5,892 shares of the software company’s stock after buying an additional 156 shares during the quarter. SlateStone Wealth LLC’s holdings in Adobe were worth $3,515,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rockland Trust Co. raised its holdings in Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after purchasing an additional 44 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the period. Mainsail Financial Group LLC grew its position in shares of Adobe by 9.6% in the 4th 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 during the period. Team Hewins LLC acquired a new position in shares of Adobe in the 3rd quarter valued at approximately $4,141,000. Finally, Guinness Asset Management LTD grew its position in shares of Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares during the period. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Barclays decreased their price objective on 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 reduced their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Stifel Nicolaus reduced their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. UBS Group reduced their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Finally, TD Cowen cut their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe 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 in the company, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Over the last three months, insiders have sold 984 shares of company stock valued at $577,171. 0.15% of the stock is currently owned by corporate insiders.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $3.37 during mid-day trading on Wednesday, reaching $476.27. The company had a trading volume of 243,586 shares, compared to its average volume of 3,501,086. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The firm has a market cap of $213.37 billion, a price-to-earnings ratio of 45.21, a PEG ratio of 2.53 and a beta of 1.28. The business’s 50-day simple moving average is $521.61 and its 200 day simple moving average is $565.95.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the business earned $2.97 earnings per share. On average, research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

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.