Penobscot Investment Management Company Inc. Acquires 1,493 Shares of Adobe Inc. (NASDAQ:ADBE)

Penobscot Investment Management Company Inc. grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 11.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,994 shares of the software company’s stock after acquiring an additional 1,493 shares during the quarter. Adobe accounts for about 1.0% of Penobscot Investment Management Company Inc.’s investment portfolio, making the stock its 29th largest holding. Penobscot Investment Management Company Inc.’s holdings in Adobe were worth $8,349,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Commonwealth Equity Services LLC lifted its holdings in shares of Adobe by 3.6% in the third quarter. Commonwealth Equity Services LLC now owns 150,969 shares of the software company’s stock valued at $76,979,000 after purchasing an additional 5,248 shares in the last quarter. YHB Investment Advisors Inc. lifted its stake in Adobe by 2.7% in the 3rd quarter. YHB Investment Advisors Inc. now owns 935 shares of the software company’s stock valued at $477,000 after acquiring an additional 25 shares in the last quarter. RMR Wealth Builders boosted its position in Adobe by 27.0% during the 3rd quarter. RMR Wealth Builders now owns 4,037 shares of the software company’s stock worth $2,058,000 after acquiring an additional 858 shares during the last quarter. Suncoast Equity Management grew its stake in shares of Adobe by 2.0% during the 3rd quarter. Suncoast Equity Management now owns 68,341 shares of the software company’s stock worth $34,847,000 after acquiring an additional 1,324 shares in the last quarter. Finally, Atlas Private Wealth Management raised its holdings in shares of Adobe by 1.3% in the third quarter. Atlas Private Wealth Management now owns 5,226 shares of the software company’s stock valued at $2,665,000 after purchasing an additional 67 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were 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 legal filing with the SEC, which is available through this hyperlink. In related 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 transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, April 25th. The shares were 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 in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 293 shares of company stock worth $137,656. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. Wells Fargo & Company reduced their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler Companies reduced their price target on Adobe from $705.00 to $700.00 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 research report on Wednesday, March 27th. Finally, TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Two 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. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Stock Down 1.0 %

ADBE traded down $4.96 during midday trading on Tuesday, hitting $468.11. The company had a trading volume of 778,982 shares, compared to its average volume of 3,457,954. The stock’s 50 day moving average price is $513.87 and its 200 day moving average price is $564.05. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a market capitalization of $209.71 billion, a price-to-earnings ratio of 44.98, a PEG ratio of 2.59 and a beta of 1.28. 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 (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating 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 company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the business posted $2.97 EPS. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Adobe Company 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.