Trust Co. of Toledo NA OH Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Trust Co. of Toledo NA OH raised its position in Adobe Inc. (NASDAQ:ADBE) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,574 shares of the software company’s stock after purchasing an additional 224 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in Adobe were worth $1,371,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Copia Wealth Management purchased a new position in Adobe during the 4th quarter valued at about $28,000. SWAN Capital LLC purchased a new position in shares of Adobe in the fourth quarter valued at approximately $28,000. Summit Securities Group LLC acquired a new position in shares of Adobe in the fourth quarter valued at approximately $31,000. Bernard Wealth Management Corp. purchased a new stake in Adobe during the 4th quarter worth approximately $36,000. Finally, Mascoma Wealth Management LLC lifted its holdings in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after buying an additional 50 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 5.3%

Adobe stock opened at $391.68 on Friday. The company has a market capitalization of $166.93 billion, a P/E ratio of 31.59, a PEG ratio of 2.15 and a beta of 1.55. 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 fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock has a 50-day simple moving average of $386.76 and a 200-day simple moving average of $421.08.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company 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 quarter in the previous year, the business earned $4.48 earnings per share. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on ADBE shares. JPMorgan Chase & Co. dropped their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Wells Fargo & Company boosted their target price on Adobe from $430.00 to $470.00 and gave the stock an “overweight” rating in a research note on Friday. Jefferies Financial Group reduced their price target on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. BMO Capital Markets reissued an “outperform” rating and set a $450.00 price objective on shares of Adobe in a research report on Friday. Finally, Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $494.67.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

Adobe 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.