Security National Bank raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,325 shares of the software company’s stock after acquiring an additional 647 shares during the quarter. Adobe makes up 1.7% of Security National Bank’s investment portfolio, making the stock its 23rd biggest holding. Security National Bank’s holdings in Adobe were worth $5,859,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Gabelli Funds LLC boosted its position in shares of Adobe by 0.8% during the 4th quarter. Gabelli Funds LLC now owns 87,050 shares of the software company’s stock worth $43,535,000 after acquiring an additional 650 shares in the last quarter. Barrett Asset Management LLC boosted its position in shares of Adobe by 6.5% in the 4th quarter. Barrett Asset Management LLC now owns 35,104 shares of the software company’s stock valued at $17,556,000 after purchasing an additional 2,149 shares during the period. Sander Capital Advisors Inc. boosted its position in shares of Adobe by 0.5% in the 4th quarter. Sander Capital Advisors Inc. now owns 88,624 shares of the software company’s stock valued at $44,323,000 after purchasing an additional 477 shares during the period. Tompkins Financial Corp boosted its position in shares of Adobe by 7.4% in the 4th quarter. Tompkins Financial Corp now owns 10,199 shares of the software company’s stock valued at $5,100,000 after purchasing an additional 705 shares during the period. Finally, Boston Common Asset Management LLC boosted its position in shares of Adobe by 7.8% in the 4th quarter. Boston Common Asset Management LLC now owns 24,900 shares of the software company’s stock valued at $12,453,000 after purchasing an additional 1,794 shares during the period. 82.43% of the stock is owned by institutional investors and hedge funds.
NASDAQ ADBE traded up $8.79 during mid-day trading on Thursday, hitting $502.20. The stock had a trading volume of 36,673 shares, compared to its average volume of 2,869,100. Adobe Inc. has a 52-week low of $308.20 and a 52-week high of $536.88. The company has a market cap of $240.05 billion, a price-to-earnings ratio of 45.52, a P/E/G ratio of 2.55 and a beta of 0.97. The company has a 50 day simple moving average of $461.15 and a 200 day simple moving average of $476.51. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.31.
Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Monday, March 22nd. The software company reported $3.14 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.35. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The firm had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same period last year, the business posted $2.27 EPS. Adobe’s quarterly revenue was up 26.3% on a year-over-year basis. As a group, equities analysts anticipate that Adobe Inc. will post 9.47 earnings per share for the current fiscal year.
Adobe declared that its board has authorized a stock repurchase program on Thursday, December 10th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 6.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
A number of analysts recently issued reports on ADBE shares. Barclays reissued a “buy” rating and issued a $605.00 target price on shares of Adobe in a research report on Sunday, December 13th. BMO Capital Markets decreased their target price on Adobe from $570.00 to $535.00 and set an “outperform” rating for the company in a research report on Tuesday, March 30th. Royal Bank of Canada upped their target price on Adobe from $570.00 to $575.00 and gave the company an “outperform” rating in a research report on Friday, December 11th. Stifel Nicolaus started coverage on Adobe in a research report on Friday, January 15th. They set a “buy” rating for the company. Finally, JPMorgan Chase & Co. increased their price objective on Adobe from $585.00 to $595.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nineteen have assigned a buy rating to the stock. Adobe currently has a consensus rating of “Buy” and a consensus price target of $547.58.
In other Adobe news, CEO Shantanu Narayen sold 80,907 shares of the firm’s stock in a transaction on Monday, January 25th. The stock was sold at an average price of $471.85, for a total transaction of $38,175,967.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 600 shares of the firm’s stock in a transaction on Friday, January 15th. The stock was sold at an average price of $463.07, for a total value of $277,842.00. Following the transaction, the executive vice president now directly owns 15,467 shares of the company’s stock, valued at approximately $7,162,303.69. The disclosure for this sale can be found here. Insiders sold a total of 112,558 shares of company stock valued at $52,990,341 over the last ninety days. 0.31% of the stock is currently owned by company insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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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