Bangor Savings Bank lessened its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 15.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,223 shares of the software company’s stock after selling 225 shares during the period. Bangor Savings Bank’s holdings in Adobe were worth $403,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Simon Quick Advisors LLC increased its position in Adobe by 1,187.5% during the fourth quarter. Simon Quick Advisors LLC now owns 309 shares of the software company’s stock worth $102,000 after buying an additional 285 shares during the period. Lenox Wealth Advisors LLC grew its stake in shares of Adobe by 60.5% in the 4th quarter. Lenox Wealth Advisors LLC now owns 284 shares of the software company’s stock valued at $94,000 after purchasing an additional 107 shares during the last quarter. Park National Corp OH grew its stake in shares of Adobe by 5.4% in the 4th quarter. Park National Corp OH now owns 56,635 shares of the software company’s stock valued at $18,678,000 after purchasing an additional 2,924 shares during the last quarter. Evoke Wealth LLC purchased a new position in shares of Adobe in the 3rd quarter valued at approximately $51,000. Finally, Night Owl Capital Management LLC grew its stake in shares of Adobe by 1.2% in the 3rd quarter. Night Owl Capital Management LLC now owns 34,697 shares of the software company’s stock valued at $9,585,000 after purchasing an additional 419 shares during the last quarter. 85.06% of the stock is currently owned by institutional investors and hedge funds.
In other news, CAO Mark S. Garfield sold 948 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $319.27, for a total value of $302,667.96. Following the completion of the transaction, the chief accounting officer now directly owns 74 shares of the company’s stock, valued at $23,625.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $300.54, for a total value of $901,620.00. Following the completion of the transaction, the chief marketing officer now directly owns 45,528 shares of the company’s stock, valued at $13,682,985.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 62,793 shares of company stock valued at $21,169,089. 0.32% of the stock is currently owned by insiders.
ADBE has been the topic of several analyst reports. Oppenheimer upgraded Adobe from a “market perform” rating to an “outperform” rating and set a $410.00 target price on the stock in a research note on Friday, January 17th. Citigroup lifted their target price on Adobe from $313.00 to $321.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. BMO Capital Markets lifted their target price on Adobe from $300.00 to $350.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Canaccord Genuity lifted their target price on Adobe from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Cleveland Research upgraded Adobe from a “neutral” rating to a “buy” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $336.28.
ADBE stock traded up $5.08 during midday trading on Thursday, hitting $356.74. 1,833,168 shares of the stock were exchanged, compared to its average volume of 2,028,288. The stock’s 50-day moving average price is $335.53 and its 200-day moving average price is $300.26. The stock has a market cap of $170.98 billion, a price-to-earnings ratio of 59.46, a PEG ratio of 2.72 and a beta of 1.11. Adobe Inc has a fifty-two week low of $243.00 and a fifty-two week high of $356.82. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.79 and a current ratio of 0.79.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, December 12th. The software company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.03. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Adobe had a return on equity of 31.47% and a net margin of 26.42%. Adobe’s revenue was up 21.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.83 earnings per share. Research analysts anticipate that Adobe Inc will post 8.02 EPS for the current year.
Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
