Legacy Private Trust Co. Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Legacy Private Trust Co. lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 26.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 7,381 shares of the software company's stock after acquiring an additional 1,541 shares during the period. Legacy Private Trust Co.'s holdings in Adobe were worth $2,831,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ADBE. Sepio Capital LP raised its stake in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank grew its holdings in shares of Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC grew its holdings in shares of Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC boosted its stake in Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after buying an additional 22 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC raised its position in Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock valued at $2,404,000 after purchasing an additional 23 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.16% of the company's stock.

Analyst Ratings Changes

ADBE has been the subject of a number of research analyst reports. Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Evercore ISI reduced their target price on Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada reduced their price target on Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company dropped their price objective on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Eleven equities 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. According to MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Trading Up 1.6%

Shares of NASDAQ ADBE traded up $6.60 during midday trading on Tuesday, reaching $410.00. The stock had a trading volume of 859,146 shares, compared to its average volume of 3,415,106. The firm has a market cap of $174.74 billion, a price-to-earnings ratio of 33.06, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company's 50 day moving average price is $379.21 and its 200 day moving average price is $426.57. 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 twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter last year, the business earned $4.48 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Adobe Company 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.