Rockland Trust Co. Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Rockland Trust Co. boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 19.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,378 shares of the software company’s stock after purchasing an additional 221 shares during the quarter. Rockland Trust Co.’s holdings in Adobe were worth $613,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of ADBE. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in Adobe during the third quarter worth approximately $26,000. Groupama Asset Managment increased its stake in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the third quarter valued at approximately $30,000. Finally, True Wealth Design LLC lifted its stake in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s 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 sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,763 shares of company stock valued at $893,665 over the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 1.1 %

ADBE opened at $417.28 on Thursday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The stock has a fifty day moving average price of $481.07 and a 200-day moving average price of $515.02. The firm has a market cap of $183.69 billion, a price-to-earnings ratio of 33.65, a PEG ratio of 2.51 and a beta of 1.31. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBEGet Free Report) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the previous year, the company posted $3.52 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. As a group, equities research analysts anticipate that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Oppenheimer reduced their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus dropped their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada reduced their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, Bank of America dropped their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Get Our Latest Analysis on ADBE

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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