Ledyard National Bank Sells 38 Shares of Adobe Inc. (NASDAQ:ADBE)

Ledyard National Bank reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 0.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,476 shares of the software company’s stock after selling 38 shares during the period. Ledyard National Bank’s holdings in Adobe were worth $9,233,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Rockland Trust Co. increased its holdings in shares of Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after acquiring an additional 44 shares in the last quarter. Federated Hermes Inc. raised its holdings in Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the period. Mainsail Financial Group LLC lifted its stake in Adobe by 9.6% in the fourth 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 position in shares of Adobe in the third quarter valued at approximately $4,141,000. Finally, Naviter Wealth LLC increased its position in shares of Adobe by 39.7% during the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after acquiring an additional 996 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Mizuho restated a “buy” rating and set a $680.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price on the stock. in a research report on Thursday, January 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

Shares of Adobe stock traded down $4.49 during trading on Monday, reaching $473.07. 2,953,374 shares of the company’s stock were exchanged, compared to its average volume of 3,491,388. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a market cap of $211.94 billion, a P/E ratio of 45.23, a PEG ratio of 2.59 and a beta of 1.28. The firm’s 50-day moving average price is $513.87 and its 200 day moving average price is $564.05.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 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 the consensus estimate of $5.14 billion. During the same quarter in the previous year, the firm earned $2.97 earnings per share. The business’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current year.

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

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe 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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold 293 shares of company stock worth $137,656 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

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.