Rockland Trust Co. Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Rockland Trust Co. lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.8% in the first quarter, HoldingsChannel reports. The institutional investor owned 995 shares of the software company’s stock after selling 84 shares during the quarter. Rockland Trust Co.’s holdings in Adobe were worth $502,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe during the fourth quarter valued at about $35,000. Hanseatic Management Services Inc. purchased a new position in shares of Adobe during the third quarter valued at about $45,000. Vima LLC purchased a new position in shares of Adobe during the fourth quarter valued at about $55,000. Pineridge Advisors LLC purchased a new position in shares of Adobe during the fourth quarter valued at about $60,000. Finally, Scarborough Advisors LLC purchased a new position in shares of Adobe during the fourth quarter valued at about $61,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. Sanford C. Bernstein lifted their price target on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. TD Cowen decreased their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Finally, StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research note on Saturday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Price Performance

NASDAQ ADBE opened at $533.44 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The stock’s fifty day moving average price is $478.58 and its 200 day moving average price is $537.63. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a market cap of $238.98 billion, a price-to-earnings ratio of 47.93, a PEG ratio of 2.73 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm earned $3.04 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe announced that its board has approved a share buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following 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 filing with the SEC, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,270 shares of company stock valued at $1,563,166. Company insiders own 0.15% of the company’s stock.

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.