Washington Trust Bank Purchases 1,840 Shares of Adobe Inc. (NASDAQ:ADBE)

Washington Trust Bank grew its position in Adobe Inc. (NASDAQ:ADBE) by 5.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,356 shares of the software company’s stock after acquiring an additional 1,840 shares during the period. Adobe comprises about 1.6% of Washington Trust Bank’s portfolio, making the stock its 19th largest holding. Washington Trust Bank’s holdings in Adobe were worth $16,611,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ADBE. Legacy Investment Solutions LLC bought a new position in Adobe during the third quarter worth about $26,000. Groupama Asset Managment grew its holdings in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the period. True Wealth Design LLC grew its holdings in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Decker Retirement Planning Inc. bought a new position in Adobe during the fourth quarter worth about $31,000. Finally, Caitlin John LLC grew its holdings in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on ADBE. Wells Fargo & Company reduced their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Sanford C. Bernstein reduced their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Oppenheimer reduced their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Bank of America reduced their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Finally, KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $538.80.

Adobe Stock Down 0.6 %

Shares of ADBE opened at $387.26 on Friday. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The company has a market cap of $168.62 billion, a P/E ratio of 31.23, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a 50 day simple moving average of $434.16 and a two-hundred day simple moving average of $476.46.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the business earned $4.48 earnings per share. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last three months. Corporate insiders own 0.16% of the company’s stock.

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.