Plimoth Trust Co. LLC Has $3.79 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Plimoth Trust Co. LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 16.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,507 shares of the software company’s stock after purchasing an additional 1,072 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Adobe were worth $3,788,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ADBE. MBM Wealth Consultants LLC boosted its holdings in Adobe by 4.7% during the 1st quarter. MBM Wealth Consultants LLC now owns 1,910 shares of the software company’s stock worth $964,000 after acquiring an additional 86 shares during the last quarter. Naviter Wealth LLC lifted its holdings in Adobe by 20.2% during the first quarter. Naviter Wealth LLC now owns 4,208 shares of the software company’s stock worth $2,123,000 after acquiring an additional 706 shares during the period. Nvest Financial LLC boosted its position in Adobe by 113.1% in the first quarter. Nvest Financial LLC now owns 929 shares of the software company’s stock worth $469,000 after purchasing an additional 493 shares during the last quarter. Dash Acquisitions Inc. increased its position in shares of Adobe by 5.5% during the 1st quarter. Dash Acquisitions Inc. now owns 20,581 shares of the software company’s stock valued at $9,765,000 after purchasing an additional 1,070 shares during the last quarter. Finally, Exchange Capital Management Inc. raised its stake in shares of Adobe by 5.9% during the 1st quarter. Exchange Capital Management Inc. now owns 9,778 shares of the software company’s stock worth $4,934,000 after purchasing an additional 543 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other 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 directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ADBE. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a research report on Monday, June 10th. UBS Group cut their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. DA Davidson reaffirmed a “buy” rating and set a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. Finally, KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Stock Performance

ADBE opened at $567.71 on Wednesday. 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 Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market cap of $251.72 billion, a price-to-earnings ratio of 51.01, a PEG ratio of 2.90 and a beta of 1.30. The company’s 50 day moving average is $486.90 and its 200 day moving average is $534.09.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating 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 company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the business earned $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its board has authorized a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.