Adobe Inc. (NASDAQ:ADBE) Shares Sold by Legacy Private Trust Co.

Legacy Private Trust Co. trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,840 shares of the software company’s stock after selling 78 shares during the period. Legacy Private Trust Co.’s holdings in Adobe were worth $2,597,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Fulton Bank N.A. increased its position in shares of Adobe by 3.2% in the 4th quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock valued at $7,195,000 after purchasing an additional 499 shares during the last quarter. Northcape Capital Pty Ltd boosted its position in shares of Adobe by 44.4% during the 4th quarter. Northcape Capital Pty Ltd now owns 5,155 shares of the software company’s stock worth $2,292,000 after acquiring an additional 1,585 shares in the last quarter. One Wealth Capital Management LLC purchased a new position in shares of Adobe in the 4th quarter valued at about $1,057,000. Norway Savings Bank raised its position in shares of Adobe by 33.3% during the 4th quarter. Norway Savings Bank now owns 2,262 shares of the software company’s stock worth $1,006,000 after acquiring an additional 565 shares in the last quarter. Finally, Diversified Trust Co lifted its stake in Adobe by 27.6% during the fourth quarter. Diversified Trust Co now owns 8,222 shares of the software company’s stock worth $3,656,000 after purchasing an additional 1,776 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $3.05 during midday trading on Wednesday, hitting $419.58. 3,503,490 shares of the stock were exchanged, compared to its average volume of 3,953,950. Adobe Inc. has a twelve month low of $415.51 and a twelve month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average price of $488.06 and a 200-day moving average price of $519.35. The stock has a market cap of $184.70 billion, a P/E ratio of 33.84, a PEG ratio of 2.51 and a beta of 1.31.

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 analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. 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 posted $3.52 earnings per share. On average, research analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ADBE. BMO Capital Markets reduced their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Barclays decreased their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Bank of America cut their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Wells Fargo & Company dropped their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Mizuho cut their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $575.85.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the business’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 owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by corporate insiders.

Adobe 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.