Adobe Inc. (NASDAQ:ADBE) Shares Sold by Eastern Bank

Eastern Bank decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 25.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 36,824 shares of the software company’s stock after selling 12,800 shares during the quarter. Eastern Bank’s holdings in Adobe were worth $16,375,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. CoreCap Advisors LLC acquired a new position in shares of Adobe during the second quarter valued at approximately $380,000. J.W. Cole Advisors Inc. raised its holdings in shares of Adobe by 9.1% during the second quarter. J.W. Cole Advisors Inc. now owns 4,512 shares of the software company’s stock valued at $2,507,000 after acquiring an additional 377 shares during the last quarter. Seven Mile Advisory raised its holdings in shares of Adobe by 12.8% during the second quarter. Seven Mile Advisory now owns 1,085 shares of the software company’s stock valued at $603,000 after acquiring an additional 123 shares during the last quarter. Diversify Wealth Management LLC acquired a new position in shares of Adobe during the second quarter valued at approximately $6,320,000. Finally, Breakwater Investment Management raised its holdings in shares of Adobe by 32.0% during the second quarter. Breakwater Investment Management now owns 367 shares of the software company’s stock valued at $204,000 after acquiring an additional 89 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,293 shares of company stock valued at $1,679,809. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded up $2.81 during midday trading on Monday, hitting $408.73. The company had a trading volume of 3,028,896 shares, compared to its average volume of 4,043,063. 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 firm has a fifty day simple moving average of $484.01 and a two-hundred day simple moving average of $517.00. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The stock has a market cap of $179.92 billion, a price-to-earnings ratio of 32.96, a P/E/G ratio of 2.51 and a beta of 1.31.

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on ADBE. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. UBS Group cut their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Sanford C. Bernstein lowered 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. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Oppenheimer decreased their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $575.85.

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.