Central Pacific Bank Trust Division Sells 1,908 Shares of Adobe Inc. (NASDAQ:ADBE)

Central Pacific Bank Trust Division decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 28.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,748 shares of the software company’s stock after selling 1,908 shares during the period. Central Pacific Bank Trust Division’s holdings in Adobe were worth $2,111,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the third quarter worth $26,000. Piscataqua Savings Bank increased its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe during the third quarter worth about $30,000. True Wealth Design LLC boosted its position in Adobe by 141.7% during the third 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. Finally, Briaud Financial Planning Inc bought a new position in Adobe in the third quarter valued at approximately $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of the stock in a transaction on 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 owns 32,929 shares of the company’s stock, 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. Insiders have sold 3,293 shares of company stock valued at $1,679,809 over the last three months. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of ADBE traded down $9.53 during trading hours on Friday, hitting $431.47. 3,711,507 shares of the company were exchanged, compared to its average volume of 3,076,636. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a fifty-two week low of $425.32 and a fifty-two week high of $638.25. The company has a market cap of $189.93 billion, a price-to-earnings ratio of 34.80, a P/E/G ratio of 2.51 and a beta of 1.29. The firm’s fifty day moving average is $491.37 and its 200 day moving average is $521.41.

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

Analyst Ratings Changes

Several research firms have recently commented on ADBE. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Morgan Stanley restated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein reduced their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Citigroup dropped their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $582.96.

Adobe Company Profile

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.