Fulton Bank N.A. Acquires 499 Shares of Adobe Inc. (NASDAQ:ADBE)

Fulton Bank N.A. lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 3.2% during the fourth quarter, Holdings Channel reports. The fund owned 16,180 shares of the software company’s stock after acquiring an additional 499 shares during the quarter. Fulton Bank N.A.’s holdings in Adobe were worth $7,195,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC acquired a new position in Adobe during the 3rd quarter worth $26,000. Piscataqua Savings Bank increased its stake in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe during the 3rd quarter worth about $30,000. True Wealth Design LLC boosted its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the period. Finally, Briaud Financial Planning Inc acquired a new stake in Adobe in the 3rd quarter valued at approximately $36,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on ADBE. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Jefferies Financial Group cut their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Bank of America decreased their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada cut their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $575.85.

Adobe Price Performance

Shares of NASDAQ ADBE traded down $0.50 during trading on Wednesday, reaching $422.13. The company had a trading volume of 1,967,802 shares, compared to its average volume of 3,643,411. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a 52 week low of $415.51 and a 52 week high of $638.25. The stock has a market cap of $185.82 billion, a PE ratio of 34.04, a PEG ratio of 2.51 and a beta of 1.31. The business’s 50 day moving average price is $488.06 and its 200-day moving average price is $519.35.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business earned $3.52 earnings per share. Analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,293 shares of company stock worth $1,679,809 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

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.