Bath Savings Trust Co Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Bath Savings Trust Co reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,091 shares of the software company’s stock after selling 190 shares during the period. Bath Savings Trust Co’s holdings in Adobe were worth $802,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Brighton Jones LLC raised its stake in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after purchasing an additional 167 shares during the period. Union Bancaire Privee UBP SA purchased a new position in Adobe during the fourth quarter worth about $76,712,000. R Squared Ltd purchased a new position in Adobe during the fourth quarter worth about $141,000. Strategic Blueprint LLC raised its stake in Adobe by 45.3% during the fourth quarter. Strategic Blueprint LLC now owns 3,548 shares of the software company’s stock worth $1,578,000 after purchasing an additional 1,106 shares during the period. Finally, Hanson & Doremus Investment Management raised its stake in Adobe by 89.8% during the fourth quarter. Hanson & Doremus Investment Management now owns 317 shares of the software company’s stock worth $141,000 after purchasing an additional 150 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.16% of the company’s stock.

Adobe Trading Up 0.3%

Shares of NASDAQ:ADBE opened at $413.36 on Friday. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company’s 50 day moving average is $378.87 and its two-hundred day moving average is $429.47. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $176.17 billion, a PE ratio of 33.34, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the firm posted $4.48 EPS. Equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of analyst reports. Oppenheimer reduced their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company reduced their price target on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. reduced their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Finally, Stifel Nicolaus reduced their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $502.88.

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.