Legacy Private Trust Co. Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Legacy Private Trust Co. decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 5,840 shares of the software company’s stock after selling 78 shares during the period. Legacy Private Trust Co.’s holdings in Adobe were worth $2,597,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Legacy Investment Solutions LLC acquired a new position in Adobe during the third quarter worth approximately $26,000. Piscataqua Savings Bank increased its holdings in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the 3rd quarter worth $30,000. True Wealth Design LLC boosted its holdings in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc purchased a new stake in Adobe during the third quarter valued at about $36,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ:ADBE traded down $3.05 during trading hours on Wednesday, reaching $419.58. 3,503,490 shares of the stock were exchanged, compared to its average volume of 3,953,950. The stock has a market capitalization of $184.70 billion, a P/E ratio of 33.84, a P/E/G ratio of 2.51 and a beta of 1.31. The firm has a 50 day simple moving average of $488.06 and a 200-day simple moving average of $519.35. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52 week low of $415.51 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the business posted $3.52 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, sell-side analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ADBE. DA Davidson cut their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Citigroup cut their target price 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, Mizuho decreased their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $575.85.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following 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 sold a total of 3,293 shares of company stock valued at $1,679,809 in the last quarter. 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.