Cetera Trust Company N.A Invests $93,000 in Adobe Inc. (NASDAQ:ADBE)

Cetera Trust Company N.A purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 156 shares of the software company’s stock, valued at approximately $93,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Iron Horse Wealth Management LLC acquired a new stake in Adobe in the 3rd quarter valued at about $25,000. HBC Financial Services PLLC acquired a new stake in Adobe in the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates grew its stake in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in Adobe in the 4th quarter valued at about $35,000. Finally, BluePath Capital Management LLC acquired a new stake in Adobe in the 3rd quarter valued at about $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock valued at $1,848,418 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Up 0.4 %

Shares of NASDAQ:ADBE opened at $466.89 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company has a 50 day moving average of $524.19 and a two-hundred day moving average of $566.33. The company has a market capitalization of $209.17 billion, a price-to-earnings ratio of 44.64, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the company earned $2.97 earnings per share. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has authorized a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ADBE shares. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. TD Cowen reduced their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Oppenheimer restated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Bank of America reduced their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.