First County Bank CT reduced its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 24.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,169 shares of the software company’s stock after selling 388 shares during the quarter. First County Bank CT’s holdings in Adobe were worth $520,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in ADBE. Acadian Asset Management LLC lifted its stake in Adobe by 73.5% in the second quarter. Acadian Asset Management LLC now owns 46,929 shares of the software company’s stock worth $26,066,000 after acquiring an additional 19,876 shares during the period. Koss Olinger Consulting LLC purchased a new position in shares of Adobe during the second quarter valued at about $439,000. Trium Capital LLP raised its stake in Adobe by 2.9% in the second quarter. Trium Capital LLP now owns 8,612 shares of the software company’s stock worth $4,784,000 after buying an additional 240 shares in the last quarter. Quest Partners LLC lifted its holdings in Adobe by 23.3% in the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock worth $327,000 after buying an additional 111 shares during the period. Finally, First Foundation Advisors boosted its position in Adobe by 6.9% during the 2nd quarter. First Foundation Advisors now owns 10,640 shares of the software company’s stock valued at $5,911,000 after acquiring an additional 687 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.
Analyst Ratings Changes
Several research firms recently weighed in on ADBE. DA Davidson dropped their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. BMO Capital Markets reduced their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. UBS Group lowered their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday. Citigroup dropped their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Finally, Sanford C. Bernstein lowered their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $580.65.
Insider Transactions at Adobe
In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock valued at $1,679,809 over the last quarter. 0.15% of the stock is currently owned by company insiders.
Adobe Stock Performance
Shares of ADBE traded down $9.46 on Tuesday, reaching $421.72. The company’s stock had a trading volume of 2,827,037 shares, compared to its average volume of 3,709,545. Adobe Inc. has a 12-month low of $421.58 and a 12-month high of $638.25. The stock has a market capitalization of $185.64 billion, a P/E ratio of 34.01, a PEG ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock’s 50 day simple moving average is $489.31 and its two-hundred day simple moving average is $520.13.
Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the firm posted $3.52 EPS. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.
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.
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