Canandaigua National Bank & Trust Co. Has $2.62 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Canandaigua National Bank & Trust Co. lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 16.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,883 shares of the software company’s stock after selling 1,122 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Adobe were worth $2,616,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its stake in shares of Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after buying an additional 33,414 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after buying an additional 2,100 shares in the last quarter. GAMMA Investing LLC boosted its stake in Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after acquiring an additional 78,384 shares during the period. Finally, Morse Asset Management Inc raised its stake in Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after acquiring an additional 2,113 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $0.61 during trading on Monday, reaching $431.18. 3,976,210 shares of the company traded hands, compared to its average volume of 3,799,382. 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 52 week low of $425.32 and a 52 week high of $638.25. The firm has a market capitalization of $189.81 billion, a PE ratio of 34.77, a PEG ratio of 2.51 and a beta of 1.31. The company’s 50 day moving average is $490.31 and its two-hundred day moving average is $520.78.

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

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was 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 of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,293 shares of company stock worth $1,679,809. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ADBE shares. Barclays dropped their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Bank of America decreased their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. 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. Finally, StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 18th. Two investment 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 stock. According to data from MarketBeat, the company currently 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.