Hemenway Trust Co LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Hemenway Trust Co LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 26.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,031 shares of the software company’s stock after purchasing an additional 1,273 shares during the period. Hemenway Trust Co LLC’s holdings in Adobe were worth $3,043,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Tradewinds Capital Management LLC increased its stake in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its position in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Adobe during the fourth quarter worth $35,000. Steph & Co. increased its position in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Finally, LifeSteps Financial Inc. purchased a new position in Adobe during the first quarter worth $47,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Citigroup dropped their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research report on Monday, June 10th. Stifel Nicolaus dropped their price target on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Wells Fargo & Company lifted their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research report on Friday, June 14th. Finally, Mizuho reaffirmed a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $607.67.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Down 1.2 %

Shares of ADBE traded down $6.92 during midday trading on Thursday, reaching $557.63. 3,189,218 shares of the company were exchanged, compared to its average volume of 3,534,196. The stock has a 50-day moving average price of $502.24 and a 200-day moving average price of $533.39. The company has a market cap of $247.25 billion, a price-to-earnings ratio of 50.10, a P/E/G ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

Adobe announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Adobe Company 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.