Appleton Partners Inc. MA Has $3.40 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Appleton Partners Inc. MA cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 18.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 6,730 shares of the software company’s stock after selling 1,525 shares during the quarter. Appleton Partners Inc. MA’s holdings in Adobe were worth $3,396,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. One Charles Private Wealth Services LLC grew its stake in shares of Adobe by 2.2% during the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after buying an additional 17 shares during the last quarter. Invst LLC grew its position in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after acquiring an additional 17 shares during the last quarter. Raleigh Capital Management Inc. increased its stake in Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after purchasing an additional 17 shares during the period. Lantz Financial LLC lifted its position in Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management lifted its position in Adobe by 4.3% in the fourth 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 during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 shares were 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 directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of the 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 in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock valued at $1,424,432 over the last three months. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on ADBE shares. Oppenheimer reaffirmed an “outperform” rating and issued a $580.00 target price on shares of Adobe in a research note on Friday. Stifel Nicolaus lowered their price objective on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research note on Friday, June 7th. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. UBS Group cut their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, BMO Capital Markets upped their target price on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe Stock Up 0.8 %

ADBE stock traded up $4.21 during midday trading on Tuesday, hitting $522.95. The company’s stock had a trading volume of 1,766,957 shares, compared to its average volume of 3,516,204. The company has a market cap of $234.28 billion, a PE ratio of 46.88, a P/E/G ratio of 2.84 and a beta of 1.27. The firm’s 50-day moving average is $475.32 and its 200-day moving average is $539.44. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during 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%. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the company earned $3.04 EPS. On average, equities research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has approved a share buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are 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.