Sandy Spring Bank Has $9.75 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Sandy Spring Bank lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,918 shares of the software company’s stock after selling 339 shares during the period. Sandy Spring Bank’s holdings in Adobe were worth $9,746,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ADBE. Swedbank AB increased its stake in Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares during the last quarter. United Bank boosted its position in Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after buying an additional 428 shares in the last quarter. Quest Partners LLC boosted its position in Adobe by 322.1% in the third quarter. Quest Partners LLC now owns 2,482 shares of the software company’s stock valued at $1,285,000 after buying an additional 1,894 shares in the last quarter. Meeder Asset Management Inc. boosted its position in Adobe by 31.3% in the third quarter. Meeder Asset Management Inc. now owns 256 shares of the software company’s stock valued at $133,000 after buying an additional 61 shares in the last quarter. Finally, BIP Wealth LLC boosted its position in Adobe by 8.5% in the third quarter. BIP Wealth LLC now owns 1,211 shares of the software company’s stock valued at $627,000 after buying an additional 95 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 0.9 %

ADBE opened at $387.89 on Thursday. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $168.89 billion, a P/E ratio of 31.28, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a fifty day moving average price of $435.13 and a two-hundred day moving average price of $478.38.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm posted $4.48 earnings per share. Analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research analyst reports. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and cut their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Citigroup cut their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Oppenheimer cut their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Redburn Atlantic initiated coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, Bank of America cut their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $538.80.

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% 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.