Cape ANN Savings Bank Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cape ANN Savings Bank lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 3,021 shares of the software company’s stock after selling 122 shares during the quarter. Cape ANN Savings Bank’s holdings in Adobe were worth $1,344,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in ADBE. South Dakota Investment Council lifted its holdings in shares of Adobe by 187.3% during the fourth quarter. South Dakota Investment Council now owns 24,094 shares of the software company’s stock worth $10,714,000 after purchasing an additional 15,709 shares during the period. MONECO Advisors LLC raised its position in Adobe by 14.0% during the 4th quarter. MONECO Advisors LLC now owns 832 shares of the software company’s stock worth $370,000 after buying an additional 102 shares during the last quarter. Forvis Mazars Wealth Advisors LLC lifted its stake in Adobe by 1.2% during the 4th quarter. Forvis Mazars Wealth Advisors LLC now owns 8,050 shares of the software company’s stock valued at $3,580,000 after acquiring an additional 95 shares during the period. Howard Capital Management Inc. boosted its holdings in shares of Adobe by 3.0% in the 4th quarter. Howard Capital Management Inc. now owns 14,126 shares of the software company’s stock valued at $6,282,000 after acquiring an additional 417 shares during the last quarter. Finally, Integral Investment Advisors Inc. increased its stake in shares of Adobe by 6.1% in the fourth quarter. Integral Investment Advisors Inc. now owns 2,782 shares of the software company’s stock worth $1,237,000 after acquiring an additional 159 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on ADBE. Piper Sandler lowered their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Stifel Nicolaus lowered their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Wells Fargo & Company decreased their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Barclays dropped their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Stock Performance

NASDAQ:ADBE opened at $444.32 on Monday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The company has a market cap of $193.41 billion, a P/E ratio of 35.83, a P/E/G ratio of 2.20 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company’s 50-day moving average price is $440.46 and its 200-day moving average price is $493.88.

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

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the business’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 directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is owned by corporate insiders.

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.