Adobe Inc. (NASDAQ:ADBE) Stake Reduced by Private Trust Co. NA

Private Trust Co. NA trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,841 shares of the software company's stock after selling 633 shares during the quarter. Private Trust Co. NA's holdings in Adobe were worth $1,263,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Swedbank AB grew its stake in Adobe by 0.3% in the 3rd 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 period. JFS Wealth Advisors LLC grew its holdings in shares of Adobe by 586.4% during the third quarter. JFS Wealth Advisors LLC now owns 1,057 shares of the software company's stock worth $547,000 after buying an additional 903 shares in the last quarter. Financial Advocates Investment Management boosted its position in Adobe by 2.2% during the third quarter. Financial Advocates Investment Management now owns 3,214 shares of the software company's stock worth $1,664,000 after acquiring an additional 68 shares during the last quarter. PineStone Asset Management Inc. boosted its holdings in shares of Adobe by 0.9% during the 3rd quarter. PineStone Asset Management Inc. now owns 278,363 shares of the software company's stock worth $144,131,000 after purchasing an additional 2,400 shares during the last quarter. Finally, LCM Capital Management Inc increased its stake in shares of Adobe by 1.3% in the 3rd quarter. LCM Capital Management Inc now owns 2,699 shares of the software company's stock worth $1,397,000 after acquiring an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of the company's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the company'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 completion of the sale, the executive vice president now directly owns 18,334 shares of the company's stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ADBE. Jefferies Financial Group decreased their target price 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. Oppenheimer lowered their target price on shares of Adobe from $625.00 to $600.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. Bank of America decreased their target price on Adobe from $640.00 to $605.00 and set a "buy" rating for the company in a research note on Thursday, December 12th. Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They set a "neutral" rating on the stock. Finally, StockNews.com lowered shares of Adobe from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $570.88.

Adobe Trading Up 1.4 %

Shares of ADBE stock traded up $5.94 during mid-day trading on Monday, reaching $444.50. The company's stock had a trading volume of 439,679 shares, compared to its average volume of 3,395,803. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The firm has a market capitalization of $193.49 billion, a PE ratio of 35.85, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company's 50 day simple moving average is $439.71 and its 200-day simple moving average is $490.59.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts' consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analysts' expectations of $5.54 billion. During the same period in the previous year, the company posted $3.52 earnings per share. The business's revenue for the quarter was up 11.1% compared to the same quarter last year. On average, research analysts predict that Adobe Inc. will post 16.65 EPS 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.