Hemenway Trust Co LLC Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Hemenway Trust Co LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 19.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 12,186 shares of the software company’s stock after purchasing an additional 1,984 shares during the period. Hemenway Trust Co LLC’s holdings in Adobe were worth $5,419,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in shares of Adobe by 56.7% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,245 shares of the software company’s stock worth $1,443,000 after buying an additional 1,174 shares during the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new position in Adobe in the fourth quarter valued at about $98,000. Dempze Nancy E boosted its stake in Adobe by 40.6% in the fourth quarter. Dempze Nancy E now owns 744 shares of the software company’s stock valued at $331,000 after acquiring an additional 215 shares during the last quarter. KCM Investment Advisors LLC grew its position in shares of Adobe by 5.2% during the 4th quarter. KCM Investment Advisors LLC now owns 8,950 shares of the software company’s stock valued at $3,980,000 after acquiring an additional 443 shares during the period. Finally, Resona Asset Management Co. Ltd. purchased a new stake in shares of Adobe during the 4th quarter worth approximately $107,573,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is owned by corporate insiders.

Adobe Stock Down 5.0 %

Shares of NASDAQ:ADBE opened at $349.07 on Friday. The firm has a market capitalization of $148.77 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52-week low of $348.80 and a 52-week high of $587.75. The firm has a fifty day moving average of $425.66 and a 200 day moving average of $463.96.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the business earned $4.48 EPS. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ADBE. Mizuho decreased their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Oppenheimer decreased their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $530.00 target price on shares of Adobe in a research report on Wednesday, March 19th. Finally, Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $531.54.

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.