Canandaigua National Bank & Trust Co. Sells 2,660 Shares of Adobe Inc. (NASDAQ:ADBE)

Canandaigua National Bank & Trust Co. decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 28.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,639 shares of the software company’s stock after selling 2,660 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Adobe were worth $3,350,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Barlow Wealth Partners Inc. purchased a new stake in Adobe in the fourth quarter worth $16,700,000. Federated Hermes Inc. lifted its position in Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after acquiring an additional 41,164 shares during the period. Mainsail Financial Group LLC boosted its stake in Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares in the last quarter. Vise Technologies Inc. grew its holdings in Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares during the period. Finally, Naviter Wealth LLC lifted its holdings in shares of Adobe by 39.7% during the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after purchasing an additional 996 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Adobe stock traded up $6.51 during midday trading on Tuesday, hitting $525.25. The stock had a trading volume of 2,407,983 shares, compared to its average volume of 3,521,683. The firm’s fifty day moving average is $475.32 and its two-hundred day moving average is $539.44. The company has a market capitalization of $235.31 billion, a PE ratio of 47.11, a P/E/G ratio of 2.84 and a beta of 1.27. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.04 EPS. On average, research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved a share repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

ADBE has been the subject of a number of analyst reports. Barclays raised their price objective on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday. Melius Research reiterated a “hold” rating and issued a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. Sanford C. Bernstein lifted their target price on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday. Oppenheimer reiterated an “outperform” rating and set a $580.00 price target on shares of Adobe in a report on Friday. Finally, KeyCorp boosted their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is owned by corporate insiders.

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.