AAFMAA Wealth Management & Trust LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

AAFMAA Wealth Management & Trust LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 11.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,877 shares of the software company’s stock after acquiring an additional 388 shares during the period. AAFMAA Wealth Management & Trust LLC’s holdings in Adobe were worth $1,724,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Piscataqua Savings Bank grew its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in Adobe during the third quarter worth $26,000. Groupama Asset Managment grew its holdings in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the 3rd quarter worth $30,000. Finally, True Wealth Design LLC raised its holdings in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 0.6 %

Adobe stock opened at $408.50 on Tuesday. The stock’s fifty day moving average is $482.55 and its two-hundred day moving average is $516.02. The stock has a market cap of $179.82 billion, a PE ratio of 32.94, a P/E/G ratio of 2.51 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the company posted $3.52 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 16.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Bank of America cut their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. UBS Group reduced their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. DA Davidson lowered their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Royal Bank of Canada reduced their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $575.85.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock valued at $893,665 in the last ninety days. 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.