Enterprise Trust & Investment Co Sells 50 Shares of Adobe Inc. (NASDAQ:ADBE)

Enterprise Trust & Investment Co lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 25.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 150 shares of the software company’s stock after selling 50 shares during the quarter. Enterprise Trust & Investment Co’s holdings in Adobe were worth $86,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. FMR LLC lifted its holdings in Adobe by 0.7% during the second quarter. FMR LLC now owns 23,568,183 shares of the software company’s stock valued at $13,802,471,000 after purchasing an additional 165,449 shares in the last quarter. State Street Corp raised its stake in Adobe by 0.6% during the second quarter. State Street Corp now owns 18,951,950 shares of the software company’s stock valued at $11,099,020,000 after purchasing an additional 111,828 shares in the last quarter. Geode Capital Management LLC raised its stake in Adobe by 2.5% during the second quarter. Geode Capital Management LLC now owns 8,253,684 shares of the software company’s stock valued at $4,820,799,000 after purchasing an additional 202,966 shares in the last quarter. Morgan Stanley raised its stake in Adobe by 4.0% during the second quarter. Morgan Stanley now owns 7,026,969 shares of the software company’s stock valued at $4,115,275,000 after purchasing an additional 267,038 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in Adobe by 3.1% during the second quarter. Jennison Associates LLC now owns 6,639,024 shares of the software company’s stock valued at $3,888,078,000 after purchasing an additional 202,148 shares in the last quarter. 81.72% of the stock is currently owned by institutional investors and hedge funds.

ADBE has been the topic of a number of recent research reports. Stifel Nicolaus upped their price target on shares of Adobe from $725.00 to $750.00 and gave the company a “buy” rating in a research note on Wednesday, September 22nd. BMO Capital Markets boosted their price objective on shares of Adobe from $630.00 to $730.00 and gave the company an “outperform” rating in a research report on Thursday, September 16th. Barclays boosted their price objective on shares of Adobe from $660.00 to $740.00 and gave the company an “overweight” rating in a research report on Thursday, September 16th. Guggenheim reiterated a “hold” rating on shares of Adobe in a research report on Wednesday, September 22nd. Finally, Credit Suisse Group started coverage on shares of Adobe in a research report on Tuesday, November 16th. They set a “neutral” rating and a $700.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $693.80.

Shares of Adobe stock opened at $668.32 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.39 and a quick ratio of 1.39. Adobe Inc. has a 1 year low of $420.78 and a 1 year high of $699.54. The firm’s 50-day moving average is $630.58 and its two-hundred day moving average is $602.04. The stock has a market cap of $318.39 billion, a price-to-earnings ratio of 55.28, a PEG ratio of 3.43 and a beta of 1.05.

Adobe (NASDAQ:ADBE) last issued its earnings results on Monday, September 20th. The software company reported $3.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.10. Adobe had a net margin of 38.67% and a return on equity of 35.95%. The company had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the prior year, the business earned $2.12 EPS. The firm’s quarterly revenue was up 22.0% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 10.52 earnings per share for the current year.

In other Adobe news, EVP Gloria Chen sold 42 shares of the stock in a transaction dated Friday, September 24th. The shares were sold at an average price of $628.00, for a total transaction of $26,376.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 40,000 shares of the stock in a transaction dated Friday, September 24th. The shares were sold at an average price of $620.26, for a total transaction of $24,810,400.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,155 shares of company stock worth $27,445,489. 0.23% of the stock is owned by company insiders.

Adobe Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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