Whittier Trust Co. Sells 495 Shares of Adobe Inc. (NASDAQ:ADBE)

Whittier Trust Co. trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,698 shares of the software company’s stock after selling 495 shares during the quarter. Whittier Trust Co.’s holdings in Adobe were worth $3,423,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in ADBE. Swedbank AB boosted its holdings in Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares in the last quarter. United Bank boosted its holdings in shares of Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares in the last quarter. Avior Wealth Management LLC boosted its holdings in shares of Adobe by 29.1% in the 3rd quarter. Avior Wealth Management LLC now owns 789 shares of the software company’s stock worth $409,000 after acquiring an additional 178 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new position in shares of Adobe in the 3rd quarter worth approximately $1,099,000. Finally, LPL Financial LLC boosted its holdings in shares of Adobe by 0.3% in the 3rd quarter. LPL Financial LLC now owns 426,883 shares of the software company’s stock worth $221,032,000 after acquiring an additional 1,443 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of the 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 transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last three months. Insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on ADBE. BMO Capital Markets reduced their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $530.00 price objective on shares of Adobe in a report on Wednesday. Morgan Stanley reduced their price objective on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Piper Sandler dropped their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $538.80.

Adobe Price Performance

ADBE stock opened at $387.26 on Friday. The stock has a 50-day moving average price of $434.16 and a two-hundred day moving average price of $476.46. The stock has a market cap of $168.62 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the business posted $4.48 EPS. Equities analysts forecast that Adobe Inc. will post 16.65 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.