Sanibel Captiva Trust Company Inc. Has $14.62 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Sanibel Captiva Trust Company Inc. cut its stake in Adobe Inc. (NASDAQ:ADBE) by 0.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,108 shares of the software company’s stock after selling 171 shares during the period. Sanibel Captiva Trust Company Inc.’s holdings in Adobe were worth $14,616,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Siemens Fonds Invest GmbH raised its position in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares during the last quarter. SWAN Capital LLC acquired a new position in Adobe in the fourth quarter valued at about $28,000. Copia Wealth Management bought a new position in Adobe during the fourth quarter worth about $28,000. Summit Securities Group LLC acquired a new position in shares of Adobe during the 4th quarter worth about $31,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Adobe in the 4th quarter valued at about $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Mizuho decreased their price target on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Piper Sandler dropped their price objective on Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Evercore ISI decreased their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Finally, Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $504.81.

Insider Activity

In other news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $416.26 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a 50 day moving average of $382.02 and a 200-day moving average of $423.49. The company has a market capitalization of $177.41 billion, a P/E ratio of 33.57, a P/E/G ratio of 2.15 and a beta of 1.55.

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

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.