Adobe Inc. (NASDAQ:ADBE) Shares Sold by Enterprise Bank & Trust Co

Enterprise Bank & Trust Co cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,206 shares of the software company’s stock after selling 203 shares during the period. Enterprise Bank & Trust Co’s holdings in Adobe were worth $981,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in shares of Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares during the period. Public Sector Pension Investment Board raised its position in Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after purchasing an additional 2,100 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of 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 buying an additional 1,412 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in shares of Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after buying an additional 78,384 shares during the period. Finally, Morse Asset Management Inc raised its holdings in Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADBE. DA Davidson lowered their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company 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 for the company in a report on Monday, December 9th. UBS Group reduced their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Sanford C. Bernstein cut their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine 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.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $575.85.

Adobe Trading Up 0.6 %

Shares of ADBE stock traded up $2.49 during mid-day trading on Monday, hitting $408.41. 2,765,827 shares of the company’s stock were exchanged, compared to its average volume of 4,008,322. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The stock has a 50-day simple moving average of $484.01 and a two-hundred day simple moving average of $517.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $179.78 billion, a price-to-earnings ratio of 32.94, a PEG ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.52 earnings per share. Equities analysts expect that Adobe Inc. will post 16.73 EPS for the current fiscal year.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated 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 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,293 shares of company stock worth $1,679,809. 0.15% of the stock is currently owned by corporate 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.