CENTRAL TRUST Co Sells 1,030 Shares of Adobe Inc. (NASDAQ:ADBE)

CENTRAL TRUST Co cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,790 shares of the software company’s stock after selling 1,030 shares during the quarter. CENTRAL TRUST Co’s holdings in Adobe were worth $6,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Czech National Bank raised its stake in Adobe by 5.8% in the third quarter. Czech National Bank now owns 90,325 shares of the software company’s stock worth $46,768,000 after buying an additional 4,954 shares in the last quarter. Apella Capital LLC grew its holdings in shares of Adobe by 6.2% during the 3rd quarter. Apella Capital LLC now owns 631 shares of the software company’s stock worth $319,000 after acquiring an additional 37 shares during the period. Rockland Trust Co. raised its position in shares of Adobe by 8.6% in the 3rd quarter. Rockland Trust Co. now owns 1,157 shares of the software company’s stock worth $599,000 after acquiring an additional 92 shares in the last quarter. HBW Advisory Services LLC lifted its stake in shares of Adobe by 5.6% in the 3rd quarter. HBW Advisory Services LLC now owns 891 shares of the software company’s stock valued at $461,000 after purchasing an additional 47 shares during the period. Finally, Quent Capital LLC boosted its position in shares of Adobe by 8.2% during the third quarter. Quent Capital LLC now owns 1,981 shares of the software company’s stock valued at $1,025,000 after purchasing an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE stock opened at $437.45 on Friday. 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 Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The company has a market cap of $190.42 billion, a P/E ratio of 35.28, a price-to-earnings-growth ratio of 2.14 and a beta of 1.31. The stock’s fifty day moving average price is $461.97 and its 200-day moving average price is $503.41.

Adobe (NASDAQ:ADBE) last announced its earnings results 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 business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the firm posted $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,681 shares of company stock worth $2,525,126. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ADBE. Citigroup lowered their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. BMO Capital Markets dropped their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Mizuho cut their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. UBS Group lowered their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Finally, Bank of America dropped their price target on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

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.