Ballentine Partners LLC Has $4.48 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Ballentine Partners LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 17.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 7,501 shares of the software company’s stock after purchasing an additional 1,130 shares during the quarter. Ballentine Partners LLC’s holdings in Adobe were worth $4,475,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Rockland Trust Co. grew its holdings in shares of Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after purchasing an additional 44 shares in the last quarter. Mainsail Financial Group LLC boosted its stake in Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after buying an additional 184 shares in the last quarter. Team Hewins LLC acquired a new stake in Adobe in the 3rd quarter valued at $4,141,000. Guinness Asset Management LTD boosted its stake in Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after buying an additional 2,499 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its stake in Adobe by 23.9% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after buying an additional 1,732 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Mizuho reaffirmed a “buy” rating and issued a $680.00 price target on shares of Adobe in a research note on Wednesday, March 27th. DA Davidson reissued a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a research note on Thursday, January 18th. Finally, Evercore ISI reissued an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two 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. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $620.72.

View Our Latest Report on Adobe

Adobe Trading Down 0.4 %

NASDAQ ADBE traded down $2.20 on Wednesday, reaching $497.01. The company had a trading volume of 2,520,914 shares, compared to its average volume of 3,628,555. The stock’s 50 day moving average is $563.64 and its 200-day moving average is $569.97. The stock has a market cap of $222.66 billion, a price-to-earnings ratio of 47.52, a PEG ratio of 2.72 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.97 earnings per share. Equities analysts predict that Adobe Inc. will post 14.57 earnings per share for the current year.

Adobe announced that its board has approved a share buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated 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 owns 23,508 shares in the company, valued at $14,144,998.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now 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 the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,063 shares of company stock worth $1,853,025. 0.15% of the stock is owned by insiders.

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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