Stonehage Fleming Financial Services Holdings Ltd Purchases 29,652 Shares of Adobe Inc. (NASDAQ:ADBE)

Stonehage Fleming Financial Services Holdings Ltd lifted its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 52.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 85,806 shares of the software company’s stock after buying an additional 29,652 shares during the quarter. Adobe comprises approximately 3.6% of Stonehage Fleming Financial Services Holdings Ltd’s holdings, making the stock its 13th biggest position. Stonehage Fleming Financial Services Holdings Ltd’s holdings in Adobe were worth $51,192,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe in the fourth quarter valued at $35,000. Hanseatic Management Services Inc. acquired a new position in shares of Adobe in the third quarter valued at about $45,000. BKM Wealth Management LLC acquired a new position in shares of Adobe in the fourth quarter valued at about $65,000. First United Bank & Trust acquired a new position in shares of Adobe in the fourth quarter valued at about $74,000. Finally, Fortitude Family Office LLC acquired a new position in shares of Adobe in the fourth quarter valued at about $75,000. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the company’s 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 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 filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,006 shares of company stock valued at $1,424,432. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.6 %

ADBE stock traded up $7.30 during midday trading on Friday, hitting $465.43. The stock had a trading volume of 2,684,170 shares, compared to its average volume of 3,017,338. The firm has a market cap of $208.51 billion, a price-to-earnings ratio of 44.50, a price-to-earnings-growth ratio of 2.48 and a beta of 1.27. The business has a 50-day moving average of $476.71 and a two-hundred day moving average of $546.22. Adobe Inc. has a 52-week low of $423.58 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBEGet Free Report) last released its 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. 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 analysts’ expectations of $5.14 billion. During the same period in the prior year, the firm 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 research 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 share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ADBE shares. DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. UBS Group dropped their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Bank of America dropped their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, KeyCorp initiated coverage on Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $612.79.

View Our Latest Research Report on Adobe

About Adobe

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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