765 Shares in Adobe Inc (ADBE) Acquired by Hemenway Trust Co LLC

Hemenway Trust Co LLC purchased a new position in Adobe Inc (NASDAQ:ADBE) in the 1st quarter, Holdings Channel reports. The institutional investor purchased 765 shares of the software company’s stock, valued at approximately $204,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Jacobs & Co. CA grew its stake in Adobe by 0.3% during the 1st quarter. Jacobs & Co. CA now owns 42,386 shares of the software company’s stock valued at $11,295,000 after purchasing an additional 122 shares during the last quarter. Shepherd Financial Partners LLC grew its stake in Adobe by 42.2% during the 1st quarter. Shepherd Financial Partners LLC now owns 5,775 shares of the software company’s stock valued at $1,539,000 after purchasing an additional 1,714 shares during the last quarter. Welch & Forbes LLC grew its stake in Adobe by 51.7% during the 1st quarter. Welch & Forbes LLC now owns 42,801 shares of the software company’s stock valued at $11,406,000 after purchasing an additional 14,588 shares during the last quarter. Meristem Family Wealth LLC purchased a new stake in Adobe during the 1st quarter valued at about $264,000. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH grew its stake in Adobe by 1,451.6% during the 1st quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 20,342 shares of the software company’s stock valued at $5,358,000 after purchasing an additional 19,031 shares during the last quarter. 86.97% of the stock is owned by hedge funds and other institutional investors.

Several analysts have weighed in on ADBE shares. Pivotal Research upgraded Adobe from a “hold” rating to a “buy” rating and boosted their price target for the company from $252.00 to $262.00 in a research note on Monday, January 7th. Atlantic Securities initiated coverage on Adobe in a research note on Wednesday, January 9th. They set a “neutral” rating and a $250.00 price target on the stock. BidaskClub upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, January 11th. ValuEngine upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. Finally, Stephens initiated coverage on Adobe in a research note on Wednesday, January 16th. They issued an “equal weight” rating and a $278.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $288.70.

In related news, EVP Dana Rao sold 5,955 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $255.08, for a total value of $1,519,001.40. Following the completion of the transaction, the executive vice president now owns 17,087 shares of the company’s stock, valued at approximately $4,358,551.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Donna Morris sold 10,000 shares of the company’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $290.00, for a total value of $2,900,000.00. The disclosure for this sale can be found here. Insiders sold a total of 56,936 shares of company stock valued at $15,481,738 in the last ninety days. 0.32% of the stock is currently owned by insiders.

Shares of ADBE opened at $285.58 on Friday. The stock has a market capitalization of $139.35 billion, a PE ratio of 51.46, a P/E/G ratio of 2.79 and a beta of 1.11. Adobe Inc has a 52 week low of $204.95 and a 52 week high of $291.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.33.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.25). The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The business’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.55 EPS. On average, research analysts predict that Adobe Inc will post 6.24 EPS for the current fiscal year.

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Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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