Adobe Inc. (NASDAQ:ADBE) Shares Sold by Trust Co. of Oklahoma

Trust Co. of Oklahoma trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 29.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,505 shares of the software company’s stock after selling 628 shares during the period. Trust Co. of Oklahoma’s holdings in Adobe were worth $759,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Redmont Wealth Advisors LLC purchased a new stake in shares of Adobe during the first quarter valued at approximately $86,000. Leeward Financial Partners LLC raised its stake in shares of Adobe by 5.6% during the first quarter. Leeward Financial Partners LLC now owns 6,573 shares of the software company’s stock valued at $3,317,000 after purchasing an additional 349 shares during the period. Valeo Financial Advisors LLC raised its stake in shares of Adobe by 8.0% during the first quarter. Valeo Financial Advisors LLC now owns 5,563 shares of the software company’s stock valued at $2,807,000 after purchasing an additional 413 shares during the period. Iyo Bank Ltd. raised its stake in shares of Adobe by 11.3% during the first quarter. Iyo Bank Ltd. now owns 28,210 shares of the software company’s stock valued at $14,235,000 after purchasing an additional 2,870 shares during the period. Finally, Carret Asset Management LLC raised its stake in shares of Adobe by 6.4% during the first quarter. Carret Asset Management LLC now owns 3,665 shares of the software company’s stock valued at $1,849,000 after purchasing an additional 220 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ADBE shares. Piper Sandler Companies dropped their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Bank of America dropped their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research note on Monday, June 10th. Finally, TD Cowen decreased their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two investment 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $607.67.

Adobe Trading Up 0.4 %

NASDAQ ADBE traded up $2.44 on Wednesday, hitting $570.15. 1,664,349 shares of the company were exchanged, compared to its average volume of 3,566,709. The company’s 50 day moving average price is $488.79 and its 200-day moving average price is $533.97. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $252.80 billion, a P/E ratio of 50.85, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.04 EPS. Analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the business’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 value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was 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 $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’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 value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is owned by corporate insiders.

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.