Adobe Inc. (NASDAQ:ADBE) Stock Holdings Trimmed by First Western Trust Bank

First Western Trust Bank cut its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 15.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,339 shares of the software company's stock after selling 1,311 shares during the quarter. First Western Trust Bank's holdings in Adobe were worth $3,800,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Onyx Bridge Wealth Group LLC lifted its position in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company's stock valued at $281,000 after buying an additional 19 shares in the last quarter. HTLF Bank raised its stake in Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company's stock valued at $327,000 after purchasing an additional 19 shares during the period. Commonwealth Financial Services LLC lifted its holdings in Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company's stock worth $309,000 after purchasing an additional 19 shares in the last quarter. Orrstown Financial Services Inc. grew its holdings in Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company's stock valued at $1,257,000 after buying an additional 20 shares in the last quarter. Finally, Orser Capital Management LLC raised its position in shares of Adobe by 0.3% during the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company's stock valued at $3,815,000 after buying an additional 20 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several research analyst reports. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Friday, September 13th. Morgan Stanley reiterated an "overweight" rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus lifted their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a "buy" rating in a research note on Friday, September 6th. Argus raised shares of Adobe to a "strong-buy" rating in a research note on Monday, September 16th. Finally, UBS Group dropped their price objective on Adobe from $560.00 to $550.00 and set a "neutral" rating for the company in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen 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 an average rating of "Moderate Buy" and an average target price of $606.40.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm's stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company's stock.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $3.86 during mid-day trading on Monday, hitting $499.51. 2,127,032 shares of the company were exchanged, compared to its average volume of 3,167,477. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $509.79 and a 200-day simple moving average of $518.69. The firm has a market cap of $219.88 billion, a price-to-earnings ratio of 42.53, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the firm earned $3.26 EPS. The business's revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

About Adobe

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.