Whittier Trust Co. Sells 41,497 Shares of Adobe Inc. (NASDAQ:ADBE)

Whittier Trust Co. trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 80.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,357 shares of the software company’s stock after selling 41,497 shares during the quarter. Whittier Trust Co.’s holdings in Adobe were worth $5,754,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC raised its holdings in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC bought a new position in Adobe in the 2nd quarter worth $33,000. Steph & Co. raised its holdings in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory bought a new position in Adobe in the 2nd quarter worth $39,000. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their price target for the company from $570.00 to $580.00 in a report on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, June 14th. TD Cowen decreased their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Sanford C. Bernstein raised their price target on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. Finally, KeyCorp raised their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $601.38.

Adobe Stock Up 2.9 %

NASDAQ:ADBE traded up $16.21 during mid-day trading on Thursday, reaching $576.75. The company’s stock had a trading volume of 998,257 shares, compared to its average volume of 3,202,895. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a fifty day moving average of $547.81 and a 200-day moving average of $519.27. The firm has a market capitalization of $255.73 billion, a PE ratio of 50.36, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $3.04 earnings per share. Equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 over the last quarter. 0.15% of the stock is owned by corporate insiders.

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.