FARMERS & MERCHANTS TRUST Co OF LONG BEACH Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its stake in Adobe Inc. (NASDAQ:ADBE) by 3.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,549 shares of the software company’s stock after purchasing an additional 382 shares during the quarter. Adobe comprises about 1.4% of FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings, making the stock its 15th largest position. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Adobe were worth $5,828,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Barlow Wealth Partners Inc. purchased a new position in Adobe during the fourth quarter worth about $16,700,000. Federated Hermes Inc. grew its position in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC grew its position in Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares in the last quarter. Vise Technologies Inc. grew its position in Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after buying an additional 5,654 shares in the last quarter. Finally, Steph & Co. boosted its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on ADBE. DA Davidson reiterated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. Piper Sandler Companies cut their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Sanford C. Bernstein upped their price objective on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. Bank of America cut their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, TD Cowen lowered their target price on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Insider Activity at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock valued at $15,165,916 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.1 %

Shares of ADBE stock traded up $6.03 during midday trading on Tuesday, reaching $566.04. 847,495 shares of the stock were exchanged, compared to its average volume of 3,564,292. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company’s 50 day moving average is $485.04 and its two-hundred day moving average is $534.27. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market cap of $250.98 billion, a PE ratio of 50.75, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the company earned $3.04 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its board has approved a share buyback program 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 shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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.