Ledyard National Bank Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Ledyard National Bank lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,476 shares of the software company’s stock after selling 38 shares during the quarter. Ledyard National Bank’s holdings in Adobe were worth $9,233,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Van ECK Associates Corp lifted its stake in shares of Adobe by 3.2% in the 4th quarter. Van ECK Associates Corp now owns 93,886 shares of the software company’s stock valued at $56,013,000 after acquiring an additional 2,883 shares during the last quarter. LWM Advisory Services LLC lifted its position in Adobe by 13.4% in the fourth quarter. LWM Advisory Services LLC now owns 644 shares of the software company’s stock valued at $384,000 after purchasing an additional 76 shares during the last quarter. Adell Harriman & Carpenter Inc. boosted its stake in shares of Adobe by 4.6% during the fourth quarter. Adell Harriman & Carpenter Inc. now owns 8,810 shares of the software company’s stock valued at $5,256,000 after purchasing an additional 390 shares during the period. Intrust Bank NA grew its holdings in shares of Adobe by 2.6% in the fourth quarter. Intrust Bank NA now owns 6,840 shares of the software company’s stock worth $4,081,000 after purchasing an additional 173 shares during the last quarter. Finally, Israel Discount Bank of New York increased its stake in shares of Adobe by 19.2% in the fourth quarter. Israel Discount Bank of New York now owns 826 shares of the software company’s stock worth $493,000 after buying an additional 133 shares during the period. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on ADBE. Oppenheimer reissued an “outperform” rating and issued a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. TD Cowen lowered their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Wells Fargo & Company dropped their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, Bank of America cut their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following 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 Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, 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 293 shares of company stock valued at $137,656 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 0.9 %

Shares of ADBE traded down $4.49 on Monday, hitting $473.07. 2,953,374 shares of the stock traded hands, compared to its average volume of 3,491,388. The company has a market capitalization of $211.94 billion, a PE ratio of 45.23, a P/E/G ratio of 2.59 and a beta of 1.28. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The business has a 50 day simple moving average of $513.87 and a 200 day simple moving average of $564.05.

Adobe (NASDAQ:ADBE) last announced its quarterly 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 for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the company posted $2.97 earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a stock buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Adobe 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.