Central Bank & Trust Co. Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Central Bank & Trust Co. lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,004 shares of the software company’s stock after selling 1,723 shares during the period. Adobe makes up approximately 1.6% of Central Bank & Trust Co.’s portfolio, making the stock its 16th largest position. Central Bank & Trust Co.’s holdings in Adobe were worth $11,393,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC boosted its stake in shares of Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares during the last quarter. Swedbank AB bought a new position in Adobe in the first quarter valued at about $621,179,000. Longview Partners Guernsey LTD purchased a new position in Adobe in the second quarter worth about $663,745,000. Price T Rowe Associates Inc. MD boosted its position in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP grew its stake in shares of Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Sanford C. Bernstein lowered their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Down 0.3 %

Shares of NASDAQ ADBE opened at $481.35 on Tuesday. The company has a market cap of $211.89 billion, a P/E ratio of 40.65, a PEG ratio of 2.49 and a beta of 1.30. The firm has a 50-day simple moving average of $520.61 and a two-hundred day simple moving average of $516.26. Adobe Inc. has a 1 year low of $433.97 and a 1 year 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 announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the company posted $3.26 EPS. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. Research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Scott Belsky sold 481 shares of Adobe 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 transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction 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 transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by company insiders.

About Adobe

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.