Adobe Inc. (NASDAQ:ADBE) Shares Sold by Private Trust Co. NA

Private Trust Co. NA cut its stake in Adobe Inc. (NASDAQ:ADBE) by 7.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,474 shares of the software company’s stock after selling 285 shares during the quarter. Private Trust Co. NA’s holdings in Adobe were worth $1,799,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ADBE. GAMMA Investing LLC increased its holdings in Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after purchasing an additional 1,412 shares during the last quarter. Hemenway Trust Co LLC grew its stake in shares of Adobe by 53.1% in the third quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock valued at $5,282,000 after buying an additional 3,539 shares in the last quarter. Crestwood Advisors Group LLC raised its holdings in shares of Adobe by 1.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock valued at $77,650,000 after buying an additional 1,464 shares during the period. Anchor Investment Management LLC lifted its stake in Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after acquiring an additional 1,430 shares in the last quarter. Finally, Fairscale Capital LLC purchased a new position in Adobe during the 2nd quarter valued at about $1,318,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ADBE shares. Piper Sandler restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Sanford C. Bernstein reduced their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Up 1.3 %

Shares of ADBE stock opened at $518.73 on Tuesday. The stock has a 50-day simple moving average of $503.08 and a 200 day simple moving average of $519.50. The stock has a market capitalization of $228.34 billion, a P/E ratio of 43.81, a P/E/G ratio of 2.64 and a beta of 1.30. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week 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.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the firm posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by insiders.

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.