FineMark National Bank & Trust Has $22.80 Million Stake in Adobe Inc. (NASDAQ:ADBE)

FineMark National Bank & Trust lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.3% during the fourth quarter, Holdings Channel reports. The fund owned 51,276 shares of the software company’s stock after selling 1,737 shares during the quarter. Adobe comprises 0.8% of FineMark National Bank & Trust’s investment portfolio, making the stock its 27th largest position. FineMark National Bank & Trust’s holdings in Adobe were worth $22,801,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Legacy Investment Solutions LLC acquired a new stake in Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment lifted its holdings in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. True Wealth Design LLC grew its position in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the period. Decker Retirement Planning Inc. acquired a new stake in Adobe in the 4th quarter valued at $31,000. Finally, Caitlin John LLC increased its stake in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $394.47 on Tuesday. The firm has a market cap of $171.75 billion, a price-to-earnings ratio of 31.81, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The stock has a fifty day simple moving average of $433.88 and a two-hundred day simple moving average of $473.88. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the company earned $4.48 EPS. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on ADBE. Jefferies Financial Group dropped their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Barclays decreased their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Oppenheimer lowered their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Bank of America decreased their price target on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Finally, Piper Sandler dropped their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $538.80.

Insider Transactions at Adobe

In other Adobe news, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last quarter. Corporate insiders own 0.16% of the company’s stock.

Adobe Company 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.