Heritage Trust Co Buys New Shares in Adobe Inc. (NASDAQ:ADBE)

Heritage Trust Co purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 975 shares of the software company’s stock, valued at approximately $434,000.

Other hedge funds also recently made changes to their positions in the company. 1ST Source Bank lifted its position in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares during the period. Sepio Capital LP raised its stake in shares of Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after buying an additional 22 shares during the last quarter. Foster Group Inc. lifted its holdings in Adobe by 4.6% in the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after buying an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC boosted its stake in Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after acquiring an additional 23 shares during the last quarter. Finally, Veery Capital LLC grew its holdings in Adobe by 1.9% during the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock worth $585,000 after acquiring an additional 24 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 0.7 %

Adobe stock opened at $352.47 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a 50-day moving average of $413.00 and a 200-day moving average of $455.70. The company has a market cap of $150.22 billion, a price-to-earnings ratio of 28.43, a P/E/G ratio of 2.15 and a beta of 1.49. Adobe Inc. has a one year low of $332.01 and a one 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, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the company earned $4.48 earnings per share. On average, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, Director David A. Ricks bought 2,250 shares of the business’s 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 trade represents a 82.30 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Wells Fargo & Company cut their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Mizuho decreased their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Robert W. Baird lowered their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Finally, Redburn Atlantic initiated coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $527.12.

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.