Cambridge Trust Co. Sells 946 Shares of Adobe Inc. (NASDAQ:ADBE)

Cambridge Trust Co. reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 64,166 shares of the software company’s stock after selling 946 shares during the quarter. Adobe accounts for about 1.6% of Cambridge Trust Co.’s investment portfolio, making the stock its 17th largest holding. Cambridge Trust Co.’s holdings in Adobe were worth $38,281,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC purchased a new stake in Adobe in the third quarter worth $25,000. HBC Financial Services PLLC purchased a new stake in shares of Adobe in the third quarter worth $25,000. Global Wealth Strategies & Associates grew its stake in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the last quarter. BluePath Capital Management LLC purchased a new stake in shares of Adobe in the third quarter worth $39,000. Finally, Financial Freedom LLC purchased a new stake in shares of Adobe in the fourth quarter worth $29,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Oppenheimer reissued an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research note on Thursday, January 18th. TD Cowen cut their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Finally, Robert W. Baird lowered their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is owned by corporate insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $1.33 during trading on Thursday, hitting $473.12. 1,285,577 shares of the company’s stock were exchanged, compared to its average volume of 3,560,800. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The business’s 50-day simple moving average is $533.19 and its 200 day simple moving average is $566.97. The company has a market cap of $211.96 billion, a price-to-earnings ratio of 45.55, a PEG ratio of 2.58 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the business posted $2.97 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

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

About Adobe

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.