Trust Co of Kansas Sells 200 Shares of Adobe Inc. (NASDAQ:ADBE)

Trust Co of Kansas reduced its position in Adobe Inc. (NASDAQ:ADBE) by 1.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,427 shares of the software company’s stock after selling 200 shares during the quarter. Adobe accounts for approximately 3.8% of Trust Co of Kansas’ investment portfolio, making the stock its 12th largest holding. Trust Co of Kansas’ holdings in Adobe were worth $6,817,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC purchased a new position in shares of Adobe in the 3rd quarter valued at $25,000. HBC Financial Services PLLC bought a new stake in Adobe during the third quarter valued at about $25,000. Global Wealth Strategies & Associates grew its stake in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the fourth quarter valued at about $35,000. Finally, BluePath Capital Management LLC purchased a new stake in shares of Adobe during the third quarter valued at about $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADBE has been the topic of several analyst reports. Bank of America cut their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Wells Fargo & Company dropped their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. KeyCorp started coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target for the company. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research report on Thursday, January 18th. Finally, HSBC cut their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,075 shares of company stock worth $1,848,418. 0.15% of the stock is owned by corporate insiders.

Adobe Price Performance

Shares of Adobe stock traded up $6.30 during trading hours on Tuesday, reaching $473.19. 1,424,746 shares of the company’s stock were exchanged, compared to its average volume of 3,531,445. The business has a fifty day moving average of $524.19 and a two-hundred day moving average of $566.33. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $211.99 billion, a P/E ratio of 44.88, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.97 EPS. As a group, research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has initiated a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is 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.