Cambridge Trust Co. decreased its holdings in Adobe Inc (NASDAQ:ADBE) by 3.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 132,935 shares of the software company’s stock after selling 5,429 shares during the quarter. Adobe comprises 2.1% of Cambridge Trust Co.’s investment portfolio, making the stock its 11th largest holding. Cambridge Trust Co.’s holdings in Adobe were worth $30,075,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Silicon Valley Capital Partners purchased a new position in Adobe during the 4th quarter worth $592,000. Patriot Financial Group Insurance Agency LLC raised its position in Adobe by 130.2% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 580 shares of the software company’s stock worth $131,000 after buying an additional 328 shares during the last quarter. Pinnacle Financial Partners Inc. raised its position in Adobe by 8.4% during the 4th quarter. Pinnacle Financial Partners Inc. now owns 3,145 shares of the software company’s stock worth $711,000 after buying an additional 243 shares during the last quarter. BB&T Securities LLC raised its position in Adobe by 8.4% during the 4th quarter. BB&T Securities LLC now owns 18,372 shares of the software company’s stock worth $4,156,000 after buying an additional 1,427 shares during the last quarter. Finally, Securian Asset Management Inc raised its position in Adobe by 0.5% during the 4th quarter. Securian Asset Management Inc now owns 50,711 shares of the software company’s stock worth $11,473,000 after buying an additional 252 shares during the last quarter. Hedge funds and other institutional investors own 92.64% of the company’s stock.
A number of equities analysts have commented on the stock. BidaskClub upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, January 11th. Zacks Investment Research downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research report on Tuesday, December 11th. BMO Capital Markets upped their price objective on shares of Adobe from $295.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, December 14th. ValuEngine upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Tuesday, January 15th. Finally, Credit Suisse Group restated a “buy” rating and set a $300.00 price objective on shares of Adobe in a research report on Friday, January 25th. Nine research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Adobe presently has an average rating of “Buy” and a consensus price target of $284.62.
In related news, EVP Bradley Rencher sold 30,000 shares of the stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $246.46, for a total value of $7,393,800.00. Following the sale, the executive vice president now directly owns 42,340 shares of the company’s stock, valued at approximately $10,435,116.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Ann Lewnes sold 2,692 shares of the stock in a transaction dated Wednesday, December 19th. The shares were sold at an average price of $226.05, for a total transaction of $608,526.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 282,299 shares of company stock worth $68,899,256. 0.33% of the stock is owned by corporate insiders.
NASDAQ:ADBE opened at $257.00 on Monday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.13 and a current ratio of 1.13. Adobe Inc has a fifty-two week low of $179.34 and a fifty-two week high of $277.61. The firm has a market cap of $125.35 billion, a PE ratio of 46.31, a P/E/G ratio of 2.52 and a beta of 1.15.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, December 13th. The software company reported $1.83 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.88 by ($0.05). Adobe had a return on equity of 31.19% and a net margin of 28.69%. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the company earned $1.26 earnings per share. The business’s revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, equities research analysts expect that Adobe Inc will post 6.21 earnings per share for the current fiscal year.
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Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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