Plimoth Trust Co. LLC Has $3.55 Million Position in Adobe Inc. (NASDAQ:ADBE)

Plimoth Trust Co. LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,974 shares of the software company’s stock after buying an additional 153 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Adobe were worth $3,546,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Onyx Bridge Wealth Group LLC lifted its holdings in shares of Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after acquiring an additional 20 shares during the last quarter. Connable Office Inc. raised its position in Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after purchasing an additional 20 shares in the last quarter. 1ST Source Bank raised its position in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares in the last quarter. Next Capital Management LLC raised its position in shares of Adobe by 3.2% in the 2nd quarter. Next Capital Management LLC now owns 678 shares of the software company’s stock worth $377,000 after acquiring an additional 21 shares in the last quarter. Finally, James J. Burns & Company LLC raised its position in shares of Adobe by 5.6% in the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after acquiring an additional 22 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Barclays reduced their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Jefferies Financial Group lowered their target price on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Citigroup lowered their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Sanford C. Bernstein reduced their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Bank of America cut their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Price Performance

Shares of ADBE stock traded down $3.61 during trading hours on Wednesday, reaching $439.23. 547,084 shares of the company were exchanged, compared to its average volume of 3,853,915. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The stock’s fifty day moving average is $465.79 and its two-hundred day moving average is $505.60. The company has a market cap of $191.20 billion, a price-to-earnings ratio of 35.49, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $5.54 billion. During the same period in the prior year, the business posted $3.52 earnings per share. Adobe’s revenue was up 11.1% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,681 shares of company stock worth $2,525,126. Company insiders own 0.15% of the company’s stock.

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.