Plimoth Trust Co. LLC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Plimoth Trust Co. LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 16.7% during the 1st quarter, HoldingsChannel.com reports. The firm owned 7,507 shares of the software company’s stock after acquiring an additional 1,072 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Adobe were worth $3,788,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Morgan Stanley lifted its position in 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 buying an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after purchasing an additional 590,533 shares during the period. Norges Bank acquired a new position in Adobe in the 4th quarter valued at about $3,277,785,000. Fisher Asset Management LLC grew its stake in shares of Adobe by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after buying an additional 16,379 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Adobe by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after buying an additional 66,180 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ADBE shares. Stifel Nicolaus lowered their price objective on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Royal Bank of Canada reissued an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research report on Friday, June 14th. HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Piper Sandler Companies dropped their price target 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. Finally, Barclays upped their price objective on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $607.67.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, 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 transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of ADBE stock opened at $567.71 on Wednesday. The stock has a market capitalization of $251.72 billion, a PE ratio of 51.01, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock’s 50-day moving average price is $486.90 and its 200 day moving average price is $534.09. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

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

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