Glenview Trust Co Sells 4,128 Shares of Adobe Inc. $ADBE

Key Points

• Glenview Trust Co reduced its Adobe stake by 35.8% in the fourth quarter, selling 4,128 shares and leaving it with 7,408 shares worth about $2.59 million.
• Several other major institutional investors also adjusted their positions, while 81.79% of Adobe’s stock remains owned by hedge funds and other institutions.
• Adobe reported strong quarterly results, beating EPS and revenue estimates, and its board approved a $25 billion stock buyback plan covering up to 24.9% of shares outstanding.

Glenview Trust Co cut its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 35.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,408 shares of the software company's stock after selling 4,128 shares during the period. Glenview Trust Co's holdings in Adobe were worth $2,593,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Adobe by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 41,369,395 shares of the software company's stock valued at $14,593,054,000 after purchasing an additional 344,816 shares during the last quarter. State Street Corp increased its position in shares of Adobe by 1.7% during the 3rd quarter. State Street Corp now owns 20,632,009 shares of the software company's stock valued at $7,277,941,000 after purchasing an additional 352,448 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Adobe by 53.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,617,145 shares of the software company's stock valued at $1,981,448,000 after purchasing an additional 1,952,994 shares during the last quarter. Amundi increased its position in shares of Adobe by 17.9% during the 3rd quarter. Amundi now owns 4,888,283 shares of the software company's stock valued at $1,711,583,000 after purchasing an additional 742,646 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Adobe by 9.4% during the 3rd quarter. Invesco Ltd. now owns 4,821,688 shares of the software company's stock valued at $1,700,850,000 after purchasing an additional 414,526 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 755 shares of the business's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $246.25, for a total transaction of $185,918.75. Following the completion of the transaction, the chief accounting officer owned 3,521 shares of the company's stock, valued at approximately $867,046.25. The trade was a 17.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Durn sold 1,336 shares of the business's stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $248.02, for a total transaction of $331,354.72. Following the transaction, the chief financial officer directly owned 42,833 shares of the company's stock, valued at approximately $10,623,440.66. This represents a 3.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 77,091 shares of company stock valued at $18,782,773. 0.20% of the stock is owned by insiders.

Adobe Stock Performance

Shares of ADBE opened at $244.76 on Tuesday. The business has a 50-day moving average of $244.55 and a 200 day moving average of $286.47. Adobe Inc. has a fifty-two week low of $224.13 and a fifty-two week high of $421.48. The firm has a market cap of $98.93 billion, a P/E ratio of 14.26, a price-to-earnings-growth ratio of 0.95 and a beta of 1.42. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 0.91.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, March 12th. The software company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.87 by $0.19. Adobe had a return on equity of 64.48% and a net margin of 29.48%.The company had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same quarter last year, the firm posted $5.08 EPS. The firm's revenue for the quarter was up 12.0% on a year-over-year basis. Adobe has set its FY 2026 guidance at 23.300-23.500 EPS and its Q2 2026 guidance at 5.800-5.850 EPS. As a group, research analysts forecast that Adobe Inc. will post 19.14 EPS for the current year.

Adobe declared that its Board of Directors has approved a stock repurchase plan on Tuesday, April 21st that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 24.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ADBE shares. Sanford C. Bernstein set a $447.00 target price on Adobe and gave the company an "outperform" rating in a research report on Friday, March 13th. William Blair lowered Adobe from an "outperform" rating to a "market perform" rating in a research report on Thursday, March 26th. TD Cowen decreased their target price on Adobe from $400.00 to $325.00 and set a "hold" rating for the company in a research report on Tuesday, March 10th. JPMorgan Chase & Co. decreased their target price on Adobe from $520.00 to $420.00 and set an "overweight" rating for the company in a research report on Friday, March 13th. Finally, Wells Fargo & Company decreased their target price on Adobe from $420.00 to $405.00 and set an "overweight" rating for the company in a research report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, seventeen have assigned a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $338.15.

About Adobe

Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.

The company's core offerings are organized around digital media and digital experience.

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