WASHINGTON TRUST Co Purchases 1,787 Shares of Adobe Inc. (NASDAQ:ADBE)

WASHINGTON TRUST Co boosted its position in Adobe Inc. (NASDAQ:ADBE) by 5.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 34,229 shares of the software company’s stock after acquiring an additional 1,787 shares during the period. WASHINGTON TRUST Co’s holdings in Adobe were worth $15,221,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ADBE. Onyx Bridge Wealth Group LLC grew its stake in shares of Adobe by 4.0% in the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after purchasing an additional 20 shares during the last quarter. Connable Office Inc. grew its position in shares of Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after buying an additional 20 shares during the last quarter. 1ST Source Bank increased its stake in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares during the period. James J. Burns & Company LLC raised its holdings in shares of Adobe by 5.6% during the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after acquiring an additional 22 shares in the last quarter. Finally, Holistic Financial Partners lifted its stake in Adobe by 6.0% in the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after acquiring an additional 22 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $460.16 on Friday. The company has a 50 day moving average of $448.41 and a 200 day moving average of $497.41. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $607.32. The firm has a market cap of $200.31 billion, a P/E ratio of 37.11, a PEG ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the business earned $3.52 earnings per share. The company’s revenue was up 11.1% on a year-over-year basis. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research analyst reports. Mizuho reduced their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. UBS Group reduced their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Jefferies Financial Group lowered their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Activity

In other Adobe news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 over the last three months. Insiders own 0.15% of the company’s stock.

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.