Penobscot Investment Management Company Inc. Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Penobscot Investment Management Company Inc. lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 11.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 13,994 shares of the software company’s stock after acquiring an additional 1,493 shares during the quarter. Adobe makes up approximately 1.0% of Penobscot Investment Management Company Inc.’s investment portfolio, making the stock its 29th biggest position. Penobscot Investment Management Company Inc.’s holdings in Adobe were worth $8,349,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Rockland Trust Co. increased its stake in Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares in the last quarter. Federated Hermes Inc. increased its position in shares of Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after acquiring an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC increased its position in shares of Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after acquiring an additional 184 shares in the last quarter. Team Hewins LLC purchased a new position in Adobe in the 3rd quarter worth approximately $4,141,000. Finally, Naviter Wealth LLC lifted its position in Adobe by 39.7% in the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after acquiring an additional 996 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Down 1.0 %

ADBE traded down $4.96 during trading on Tuesday, reaching $468.11. The company had a trading volume of 778,982 shares, compared to its average volume of 3,457,954. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The stock has a market cap of $209.71 billion, a P/E ratio of 44.98, a PEG ratio of 2.59 and a beta of 1.28. The business has a 50 day simple moving average of $513.87 and a 200-day simple moving average of $564.05.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the company earned $2.97 EPS. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have commented on the company. Piper Sandler reissued an “overweight” rating and issued a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. Barclays decreased their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. BMO Capital Markets reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Wednesday, March 27th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Finally, KeyCorp started coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction 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 sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. In the last three months, insiders sold 293 shares of company stock valued at $137,656. 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.