Central Pacific Bank Trust Division Has $2.11 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Central Pacific Bank Trust Division reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 28.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,748 shares of the software company’s stock after selling 1,908 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Adobe were worth $2,111,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its stake in shares of Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the period. Longview Partners Guernsey LTD acquired a new stake in shares of Adobe in the 2nd quarter valued at about $663,745,000. FMR LLC boosted its holdings in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Liberty Wealth Management LLC raised its position in shares of Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after purchasing an additional 571,615 shares during the period. Finally, Mercer Global Advisors Inc. ADV grew its holdings in shares of Adobe by 982.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock valued at $300,919,000 after buying an additional 491,627 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,293 shares of company stock worth $1,679,809. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. Jefferies Financial Group dropped their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Bank of America cut their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Barclays cut their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, DA Davidson lowered their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $582.96.

Adobe Trading Down 2.2 %

Shares of NASDAQ:ADBE traded down $9.53 on Friday, reaching $431.47. 3,711,507 shares of the company traded hands, compared to its average volume of 3,076,636. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52 week low of $425.32 and a 52 week high of $638.25. The business’s 50-day simple moving average is $491.37 and its 200 day simple moving average is $521.41. The stock has a market capitalization of $189.93 billion, a P/E ratio of 34.80, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the firm posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts anticipate that Adobe Inc. will post 16.73 EPS for the current fiscal 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.