Cape ANN Savings Bank Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Cape ANN Savings Bank lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,021 shares of the software company’s stock after selling 122 shares during the period. Cape ANN Savings Bank’s holdings in Adobe were worth $1,344,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. South Dakota Investment Council raised its position in shares of Adobe by 187.3% during the 4th quarter. South Dakota Investment Council now owns 24,094 shares of the software company’s stock valued at $10,714,000 after buying an additional 15,709 shares in the last quarter. MONECO Advisors LLC raised its position in Adobe by 14.0% during the fourth quarter. MONECO Advisors LLC now owns 832 shares of the software company’s stock valued at $370,000 after purchasing an additional 102 shares during the period. Forvis Mazars Wealth Advisors LLC lifted its stake in shares of Adobe by 1.2% in the 4th quarter. Forvis Mazars Wealth Advisors LLC now owns 8,050 shares of the software company’s stock valued at $3,580,000 after purchasing an additional 95 shares during the last quarter. Howard Capital Management Inc. boosted its holdings in shares of Adobe by 3.0% in the 4th quarter. Howard Capital Management Inc. now owns 14,126 shares of the software company’s stock worth $6,282,000 after purchasing an additional 417 shares during the period. Finally, Integral Investment Advisors Inc. boosted its holdings in shares of Adobe by 6.1% in the 4th quarter. Integral Investment Advisors Inc. now owns 2,782 shares of the software company’s stock worth $1,237,000 after purchasing an additional 159 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of the 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 sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ADBE has been the topic of several recent research reports. Mizuho decreased their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Jefferies Financial Group reduced their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Bank of America reduced their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Stock Down 2.3 %

Shares of NASDAQ ADBE opened at $444.32 on Monday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The stock’s fifty day simple moving average is $440.46 and its two-hundred day simple moving average is $493.88. The stock has a market capitalization of $193.41 billion, a PE ratio of 35.83, a price-to-earnings-growth ratio of 2.20 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the company earned $3.52 earnings per share. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.