Global Trust Asset Management LLC Sells 102 Shares of Adobe Inc. (NASDAQ:ADBE)

Global Trust Asset Management LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 9.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 934 shares of the software company’s stock after selling 102 shares during the quarter. Global Trust Asset Management LLC’s holdings in Adobe were worth $415,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in ADBE. Advisory Alpha LLC raised its position in Adobe by 28.1% in the fourth quarter. Advisory Alpha LLC now owns 725 shares of the software company’s stock worth $322,000 after purchasing an additional 159 shares in the last quarter. West Branch Capital LLC grew its stake in shares of Adobe by 2.7% in the 4th quarter. West Branch Capital LLC now owns 4,583 shares of the software company’s stock valued at $2,038,000 after purchasing an additional 119 shares during the period. MBM Wealth Consultants LLC raised its holdings in shares of Adobe by 4.4% in the 4th quarter. MBM Wealth Consultants LLC now owns 2,700 shares of the software company’s stock worth $1,190,000 after buying an additional 114 shares in the last quarter. Davis Capital Management lifted its position in shares of Adobe by 4.4% during the 4th quarter. Davis Capital Management now owns 2,901 shares of the software company’s stock worth $1,290,000 after buying an additional 123 shares during the period. Finally, Bourgeon Capital Management LLC acquired a new stake in Adobe in the 4th quarter valued at $868,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of ADBE stock opened at $436.36 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25. The firm has a fifty day moving average of $473.26 and a 200-day moving average of $510.05. The firm has a market capitalization of $189.95 billion, a price-to-earnings ratio of 35.19, a price-to-earnings-growth ratio of 2.08 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.52 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

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 stock was sold at an average price of $484.97, for a total transaction 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,763 shares of company stock valued at $893,665. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on ADBE. Piper Sandler dropped their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note 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. Royal Bank of Canada reduced their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Sanford C. Bernstein dropped their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Stifel Nicolaus cut their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

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.