Eagle Ridge Investment Management Has $28.57 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Eagle Ridge Investment Management trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.7% during the first quarter, HoldingsChannel reports. The fund owned 56,611 shares of the software company’s stock after selling 404 shares during the period. Adobe comprises about 2.6% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 11th largest position. Eagle Ridge Investment Management’s holdings in Adobe were worth $28,566,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in ADBE. Dash Acquisitions Inc. lifted its stake in Adobe by 5.5% in the 1st quarter. Dash Acquisitions Inc. now owns 20,581 shares of the software company’s stock valued at $9,765,000 after acquiring an additional 1,070 shares in the last quarter. Exchange Capital Management Inc. lifted its position in shares of Adobe by 5.9% in the first quarter. Exchange Capital Management Inc. now owns 9,778 shares of the software company’s stock worth $4,934,000 after purchasing an additional 543 shares in the last quarter. Narus Financial Partners LLC boosted its holdings in Adobe by 26.6% during the first quarter. Narus Financial Partners LLC now owns 705 shares of the software company’s stock worth $356,000 after purchasing an additional 148 shares during the last quarter. Farmers & Merchants Investments Inc. increased its stake in Adobe by 69.2% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 621 shares of the software company’s stock valued at $313,000 after buying an additional 254 shares during the last quarter. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its stake in Adobe by 3.4% in the 1st quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 11,549 shares of the software company’s stock valued at $5,828,000 after buying an additional 382 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe 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 sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is currently owned by corporate insiders.

Adobe Price Performance

NASDAQ:ADBE traded up $7.70 during trading hours on Tuesday, reaching $567.71. 2,874,647 shares of the company were exchanged, compared to its average volume of 3,580,381. The company has a market capitalization of $251.72 billion, a P/E ratio of 51.12, a P/E/G ratio of 2.90 and a beta of 1.30. 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 business has a 50 day moving average of $486.90 and a 200 day moving average of $534.09. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results 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. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the firm posted $3.04 EPS. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. Research analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ADBE shares. UBS Group lowered their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Piper Sandler Companies lowered their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. HSBC dropped their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

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.