Canandaigua National Trust Co of Florida Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Canandaigua National Trust Co of Florida bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,919 shares of the software company’s stock, valued at approximately $736,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after acquiring an additional 151,286 shares during the period. Norges Bank bought a new stake in shares of Adobe in the fourth quarter valued at approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock valued at $2,375,345,000 after acquiring an additional 600,146 shares during the period. Northern Trust Corp boosted its position in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock valued at $2,363,125,000 after acquiring an additional 672,919 shares during the period. Finally, Edgewood Management LLC boosted its position in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after acquiring an additional 696,172 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $385.83 on Monday. The stock has a 50-day moving average price of $393.23 and a 200 day moving average price of $410.24. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market cap of $163.67 billion, a price-to-earnings ratio of 24.69, a PEG ratio of 1.83 and a beta of 1.55. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $4.48 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. UBS Group raised their target price on Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a research report on Monday, June 9th. Jefferies Financial Group reduced their target price on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Phillip Securities raised Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday, June 16th. Robert W. Baird raised their target price on Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research report on Monday, June 16th. Finally, JPMorgan Chase & Co. cut their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $496.75.

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.