Equitable Trust Co. Has $2.33 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Equitable Trust Co. decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 37.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,237 shares of the software company’s stock after selling 3,200 shares during the period. Equitable Trust Co.’s holdings in Adobe were worth $2,329,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Piscataqua Savings Bank increased its holdings in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. Legacy Investment Solutions LLC acquired a new position in Adobe in the third quarter worth approximately $26,000. Groupama Asset Managment increased its holdings in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the third quarter worth approximately $30,000. Finally, True Wealth Design LLC increased its holdings in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 922 shares of the firm’s 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 completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Oppenheimer decreased their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets decreased their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, UBS Group decreased their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Up 4.2 %

Shares of ADBE stock opened at $451.10 on Tuesday. The stock has a market cap of $196.36 billion, a P/E ratio of 36.38, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $626.34. The stock has a fifty day moving average price of $453.92 and a 200 day moving average price of $499.09. 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 released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the company posted $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

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.