Cambridge Trust Co. Sells 946 Shares of Adobe Inc. (NASDAQ:ADBE)

Cambridge Trust Co. cut its position in Adobe Inc. (NASDAQ:ADBE) by 1.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,166 shares of the software company’s stock after selling 946 shares during the quarter. Adobe comprises approximately 1.6% of Cambridge Trust Co.’s holdings, making the stock its 17th biggest position. Cambridge Trust Co.’s holdings in Adobe were worth $38,281,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Iron Horse Wealth Management LLC bought a new position in shares of Adobe in the third quarter valued at $25,000. HBC Financial Services PLLC bought a new position in Adobe during the third quarter worth $25,000. Global Wealth Strategies & Associates boosted its position in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares during the period. Financial Freedom LLC bought a new position in Adobe during the fourth quarter worth $29,000. Finally, Fortis Capital Advisors LLC bought a new position in Adobe during the fourth quarter worth $35,000. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on ADBE shares. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. KeyCorp initiated coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. BMO Capital Markets reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, Evercore ISI reissued an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,075 shares of company stock valued at $1,848,418 over the last ninety days. 0.15% of the stock is owned by company insiders.

Adobe Trading Down 0.3 %

Shares of Adobe stock traded down $1.33 on Thursday, reaching $473.12. 1,285,577 shares of the company’s stock were exchanged, compared to its average volume of 3,560,800. The company has a market capitalization of $211.96 billion, a P/E ratio of 45.55, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The firm’s 50-day moving average is $533.19 and its two-hundred day moving average is $566.97. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (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 business earned $2.97 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. Sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has approved a share repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management 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.