Hemenway Trust Co LLC Acquires 1,273 Shares of Adobe Inc. (NASDAQ:ADBE)

Hemenway Trust Co LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 26.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,031 shares of the software company’s stock after buying an additional 1,273 shares during the period. Hemenway Trust Co LLC’s holdings in Adobe were worth $3,043,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Invst LLC increased its stake in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after purchasing an additional 17 shares in the last quarter. Raleigh Capital Management Inc. increased its stake in Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after purchasing an additional 17 shares in the last quarter. Lantz Financial LLC increased its stake in Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares in the last quarter. B & T Capital Management DBA Alpha Capital Management increased its stake in Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares in the last quarter. Finally, Evolution Advisers Inc. increased its stake in Adobe by 14.3% during the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock valued at $79,000 after purchasing an additional 17 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. HSBC cut their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price objective on shares of Adobe in a report on Friday, June 14th. Melius Research reaffirmed a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Finally, TD Cowen cut their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $607.67.

Insiders Place Their Bets

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is currently owned by corporate insiders.

Adobe Price Performance

ADBE traded down $6.92 on Thursday, reaching $557.63. The company had a trading volume of 3,189,218 shares, compared to its average volume of 3,534,196. The business has a 50 day simple moving average of $502.24 and a 200 day simple moving average of $533.39. The company has a market cap of $247.25 billion, a price-to-earnings ratio of 50.10, a P/E/G ratio of 3.00 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results 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. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm posted $3.04 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its board has authorized a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

About Adobe

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.