Adobe Inc. (NASDAQ:ADBE) Stock Holdings Increased by Norway Savings Bank

Norway Savings Bank lifted its position in Adobe Inc. (NASDAQ:ADBE) by 33.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,262 shares of the software company’s stock after acquiring an additional 565 shares during the quarter. Norway Savings Bank’s holdings in Adobe were worth $1,006,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Piscataqua Savings Bank lifted its holdings in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the 3rd quarter worth approximately $26,000. Groupama Asset Managment boosted its position in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Adobe during the 3rd quarter worth $30,000. Finally, True Wealth Design LLC increased its position in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and cut their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Mizuho lowered their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $580.65.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of Adobe 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 completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated 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 trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,293 shares of company stock worth $1,679,809. 0.15% of the stock is owned by company insiders.

Adobe Trading Down 2.2 %

NASDAQ ADBE traded down $9.46 on Tuesday, hitting $421.72. 2,827,037 shares of the stock were exchanged, compared to its average volume of 3,709,545. The company’s 50-day moving average price is $489.31 and its two-hundred day moving average price is $520.13. 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 Inc. has a 52-week low of $421.58 and a 52-week high of $638.25. The company has a market capitalization of $185.64 billion, a price-to-earnings ratio of 34.01, a P/E/G ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted 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 return on equity of 45.22% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the previous year, the firm earned $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. Research analysts predict that Adobe Inc. will post 16.73 EPS for the current year.

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.