Everence Capital Management Inc. Makes New Investment in Adobe Inc. (NASDAQ:ADBE)


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Everence Capital Management Inc. purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,127 shares of the software company’s stock, valued at approximately $6,716,000. Adobe makes up about 0.6% of Everence Capital Management Inc.’s investment portfolio, making the stock its 25th largest holding.

Several other institutional investors also recently bought and sold shares of the company. TrimTabs Asset Management LLC purchased a new stake in shares of Adobe during the first quarter worth $1,411,000. Security National Bank increased its position in shares of Adobe by 5.5% during the first quarter. Security National Bank now owns 12,325 shares of the software company’s stock worth $5,859,000 after acquiring an additional 647 shares during the period. Jacobs & Co. CA increased its position in shares of Adobe by 1.4% during the first quarter. Jacobs & Co. CA now owns 36,750 shares of the software company’s stock worth $17,469,000 after acquiring an additional 507 shares during the period. First National Bank of Mount Dora Trust Investment Services increased its position in shares of Adobe by 22.4% during the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 13,682 shares of the software company’s stock worth $6,504,000 after acquiring an additional 2,501 shares during the period. Finally, Chemung Canal Trust Co. increased its position in shares of Adobe by 42.6% during the first quarter. Chemung Canal Trust Co. now owns 17,019 shares of the software company’s stock worth $8,090,000 after acquiring an additional 5,081 shares during the period. 82.43% of the stock is currently owned by institutional investors and hedge funds.

In related news, EVP Scott Belsky sold 600 shares of the firm’s stock in a transaction dated Friday, January 15th. The shares were sold at an average price of $463.07, for a total value of $277,842.00. Following the completion of the sale, the executive vice president now owns 15,467 shares in the company, valued at $7,162,303.69. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Abhay Parasnis sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, February 10th. The shares were sold at an average price of $499.17, for a total transaction of $1,996,680.00. Following the completion of the sale, the executive vice president now owns 43,746 shares of the company’s stock, valued at approximately $21,836,690.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,558 shares of company stock valued at $52,990,341. 0.31% of the stock is owned by insiders.

Shares of ADBE traded up $7.83 during mid-day trading on Thursday, hitting $501.24. 51,504 shares of the company’s stock were exchanged, compared to its average volume of 2,869,100. Adobe Inc. has a fifty-two week low of $308.20 and a fifty-two week high of $536.88. The firm has a market capitalization of $239.59 billion, a P/E ratio of 45.52, a P/E/G ratio of 2.55 and a beta of 0.97. The business’s 50 day moving average is $461.15 and its two-hundred day moving average is $476.51. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.31.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Monday, March 22nd. The software company reported $3.14 EPS for the quarter, beating the Zacks’ consensus estimate of $2.79 by $0.35. The firm had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $3.76 billion. Adobe had a net margin of 40.88% and a return on equity of 35.81%. The firm’s revenue was up 26.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.27 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 9.47 earnings per share for the current year.

Adobe announced that its board has initiated a share buyback plan on Thursday, December 10th that authorizes the company to buyback $15.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 6.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

A number of analysts have recently weighed in on the company. Wedbush upped their price objective on Adobe from $410.00 to $510.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 3rd. BMO Capital Markets dropped their target price on Adobe from $570.00 to $535.00 and set an “outperform” rating on the stock in a report on Tuesday, March 30th. UBS Group reissued a “buy” rating on shares of Adobe in a report on Thursday. Griffin Securities reissued a “buy” rating and issued a $597.00 target price on shares of Adobe in a report on Wednesday, March 3rd. Finally, Barclays reissued a “buy” rating and issued a $605.00 target price on shares of Adobe in a report on Sunday, December 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $547.58.

Adobe Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

Further Reading: Technical Analysis

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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