Bank of New Hampshire Sells 53 Shares of Adobe Inc. (NASDAQ:ADBE)

Bank of New Hampshire lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,772 shares of the software company’s stock after selling 53 shares during the quarter. Bank of New Hampshire’s holdings in Adobe were worth $2,250,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Rockland Trust Co. raised its position 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 during the last quarter. Federated Hermes Inc. increased its holdings in 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 buying an additional 41,164 shares during the period. Mainsail Financial Group LLC grew its holdings 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 buying an additional 184 shares during the last quarter. Team Hewins LLC purchased a new position in Adobe during the third quarter worth approximately $4,141,000. Finally, Guinness Asset Management LTD grew its position in shares of Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Adobe stock traded up $5.44 during midday trading on Friday, hitting $478.88. 1,223,032 shares of the company were exchanged, compared to its average volume of 3,482,380. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The firm has a market capitalization of $214.54 billion, a PE ratio of 46.08, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The business has a fifty day simple moving average of $516.72 and a two-hundred day simple moving average of $564.69.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the firm posted $2.97 earnings per share. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has approved a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have issued reports on ADBE shares. Piper Sandler restated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Oppenheimer restated an “outperform” rating and set a $660.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Wells Fargo & Company decreased their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. TD Cowen lowered their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 293 shares of company stock valued at $137,656. Insiders own 0.15% of the company’s stock.

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.