Greenleaf Trust Sells 2,392 Shares of Adobe Inc. (NASDAQ:ADBE)

Greenleaf Trust decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,719 shares of the software company’s stock after selling 2,392 shares during the quarter. Adobe accounts for approximately 0.3% of Greenleaf Trust’s investment portfolio, making the stock its 26th largest position. Greenleaf Trust’s holdings in Adobe were worth $25,486,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Resonant Capital Advisors LLC grew its holdings in shares of Adobe by 215.9% during the fourth quarter. Resonant Capital Advisors LLC now owns 2,559 shares of the software company’s stock worth $1,527,000 after purchasing an additional 1,749 shares during the last quarter. Zhang Financial LLC grew its holdings in shares of Adobe by 58.7% during the fourth quarter. Zhang Financial LLC now owns 2,287 shares of the software company’s stock worth $1,364,000 after purchasing an additional 846 shares during the last quarter. Ninepoint Partners LP bought a new stake in shares of Adobe during the fourth quarter worth about $646,000. Andrew Hill Investment Advisors Inc. bought a new stake in shares of Adobe during the fourth quarter worth about $3,329,000. Finally, HTLF Bank bought a new stake in shares of Adobe during the fourth quarter worth about $335,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Robert W. Baird lowered their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. JPMorgan Chase & Co. lowered their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, HSBC lowered their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

NASDAQ:ADBE traded down $8.16 during mid-day trading on Friday, reaching $465.02. The stock had a trading volume of 3,280,642 shares, compared to its average volume of 3,572,111. The firm has a 50 day moving average price of $530.33 and a two-hundred day moving average price of $566.32. The stock has a market capitalization of $208.33 billion, a P/E ratio of 44.46, a P/E/G ratio of 2.57 and a beta of 1.28. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. 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 announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $2.97 earnings per share. The business’s revenue was up 11.3% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. 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 stock in a transaction on Tuesday, April 16th. The stock was 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 in the company, valued at $1,940,160. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,075 shares of company stock valued at $1,848,418. Company insiders own 0.15% of the company’s stock.

About Adobe

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.