Charles Schwab Trust Co Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Charles Schwab Trust Co reduced its position in Adobe Inc. (NASDAQ:ADBEGet Rating) by 12.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 699 shares of the software company’s stock after selling 103 shares during the period. Charles Schwab Trust Co’s holdings in Adobe were worth $318,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Welch & Forbes LLC increased its stake in Adobe by 4.1% in the 4th quarter. Welch & Forbes LLC now owns 82,260 shares of the software company’s stock valued at $46,646,000 after purchasing an additional 3,210 shares in the last quarter. Vident Investment Advisory LLC increased its stake in Adobe by 17.7% in the 4th quarter. Vident Investment Advisory LLC now owns 8,751 shares of the software company’s stock valued at $4,962,000 after purchasing an additional 1,318 shares in the last quarter. Peak Financial Management Inc. purchased a new position in Adobe in the 4th quarter valued at approximately $201,000. Benjamin Edwards Inc. acquired a new stake in Adobe during the 4th quarter valued at $35,000. Finally, Rather & Kittrell Inc. acquired a new stake in Adobe during the 4th quarter valued at $47,000. 82.54% of the stock is owned by hedge funds and other institutional investors.

In other news, Director John E. Warnock sold 5,000 shares of Adobe stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the sale, the director now directly owns 405,165 shares of the company’s stock, valued at $163,808,209.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction dated Friday, March 25th. The stock was sold at an average price of $435.44, for a total value of $1,197,460.00. The disclosure for this sale can be found here. Insiders sold 11,075 shares of company stock worth $4,596,246 over the last three months. 0.23% of the stock is currently owned by corporate insiders.

A number of brokerages have commented on ADBE. BMO Capital Markets began coverage on Adobe in a report on Friday, June 17th. They set a “buy” rating and a $420.00 target price on the stock. Wells Fargo & Company lowered their target price on Adobe from $525.00 to $425.00 and set an “overweight” rating on the stock in a report on Friday, June 17th. Wolfe Research lowered their target price on Adobe from $500.00 to $400.00 and set an “outperform” rating on the stock in a report on Friday, June 17th. Credit Suisse Group lowered their target price on Adobe from $525.00 to $425.00 and set a “neutral” rating on the stock in a report on Friday, June 17th. Finally, JPMorgan Chase & Co. lowered their target price on Adobe from $645.00 to $540.00 in a report on Wednesday, March 23rd. Seven equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $489.31.

Adobe stock traded up $10.25 during midday trading on Thursday, reaching $375.58. The stock had a trading volume of 48,080 shares, compared to its average volume of 3,497,868. Adobe Inc. has a twelve month low of $338.00 and a twelve month high of $699.54. The stock has a market capitalization of $177.46 billion, a PE ratio of 35.68, a price-to-earnings-growth ratio of 1.98 and a beta of 1.08. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.04 and a current ratio of 1.07. The stock’s 50-day simple moving average is $403.52 and its 200 day simple moving average is $467.67.

Adobe (NASDAQ:ADBEGet Rating) last released its quarterly earnings data on Thursday, June 16th. The software company reported $3.35 EPS for the quarter, beating the consensus estimate of $3.31 by $0.04. Adobe had a return on equity of 36.70% and a net margin of 29.29%. During the same period last year, the firm earned $2.56 EPS. Equities analysts predict that Adobe Inc. will post 10.98 earnings per share for the current fiscal year.

Adobe Profile (Get Rating)

Adobe Inc 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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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