Chemung Canal Trust Co. Has $8.07 Million Position in Adobe Inc (ADBE)
Chemung Canal Trust Co. boosted its position in shares of Adobe Inc (NASDAQ:ADBE) by 5.1% during the 1st quarter, Holdings Channel reports. The firm owned 30,275 shares of the software company’s stock after acquiring an additional 1,471 shares during the quarter. Adobe makes up about 1.9% of Chemung Canal Trust Co.’s portfolio, making the stock its 18th biggest position. Chemung Canal Trust Co.’s holdings in Adobe were worth $8,068,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently modified their holdings of the stock. Liberty Wealth Management LLC bought a new position in Adobe in the 4th quarter worth about $30,000. Barnett & Company Inc. bought a new position in Adobe in the 4th quarter worth about $32,000. Ruggie Capital Group bought a new position in Adobe in the 4th quarter worth about $33,000. Legacy Advisors LLC bought a new position in Adobe in the 1st quarter worth about $39,000. Finally, Nalls Sherbakoff Group LLC bought a new position in Adobe in the 4th quarter worth about $34,000. Institutional investors own 86.68% of the company’s stock.
In related news, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, January 30th. The shares were sold at an average price of $240.16, for a total transaction of $720,480.00. Following the completion of the sale, the chief marketing officer now owns 75,368 shares of the company’s stock, valued at $18,100,378.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John E. Warnock sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $260.47, for a total transaction of $520,940.00. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $4,190,441.36. The disclosure for this sale can be found here. Insiders sold a total of 283,153 shares of company stock valued at $70,000,814 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.25). Adobe had a return on equity of 30.60% and a net margin of 28.08%. The business had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the previous year, the company posted $1.55 EPS. Adobe’s revenue for the quarter was up 24.1% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc will post 6.24 EPS for the current year.
A number of equities analysts have commented on the stock. Robert W. Baird upped their target price on shares of Adobe from $290.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. Rosenblatt Securities restated a “buy” rating and issued a $280.00 target price on shares of Adobe in a research note on Friday, March 29th. BidaskClub upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, March 26th. Zacks Investment Research downgraded shares of Adobe from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. Finally, Cowen downgraded shares of Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 target price on the stock. in a research note on Friday, February 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nineteen have issued a buy rating to the company. Adobe currently has an average rating of “Buy” and an average price target of $285.56.
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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