CHICAGO TRUST Co NA Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

CHICAGO TRUST Co NA lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 19.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,543 shares of the software company’s stock after selling 1,132 shares during the period. CHICAGO TRUST Co NA’s holdings in Adobe were worth $2,020,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank boosted its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the period. Legacy Investment Solutions LLC bought a new position in Adobe during the third quarter worth about $26,000. Groupama Asset Managment boosted its position in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Adobe during the third quarter worth about $30,000. Finally, 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 worth $30,000 after purchasing an additional 34 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the company’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 transaction, the director now owns 32,929 shares in the company, valued at $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 is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 7.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,293 shares of company stock worth $1,679,809. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.5 %

NASDAQ:ADBE traded up $2.08 during trading hours on Monday, hitting $408.00. The company had a trading volume of 1,718,325 shares, compared to its average volume of 3,855,777. The company has a market capitalization of $179.60 billion, a PE ratio of 32.90, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The stock has a 50-day moving average price of $484.01 and a 200 day moving average price of $517.00. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share 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 business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the business posted $3.52 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 16.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Sanford C. Bernstein cut their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Mizuho dropped their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. DA Davidson dropped their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Citigroup dropped their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average 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.