Adirondack Trust Co. Buys 49 Shares of Adobe Inc. (NASDAQ:ADBE)

Adirondack Trust Co. boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,084 shares of the software company’s stock after acquiring an additional 49 shares during the period. Adirondack Trust Co.’s holdings in Adobe were worth $482,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Magnetar Financial LLC acquired a new position in Adobe during the second quarter worth $597,000. Mill Creek Capital Advisors LLC acquired a new stake in shares of Adobe during the 2nd quarter worth about $220,000. Sfmg LLC lifted its holdings in Adobe by 3.1% during the 2nd quarter. Sfmg LLC now owns 708 shares of the software company’s stock valued at $393,000 after purchasing an additional 21 shares during the last quarter. Insigneo Advisory Services LLC boosted its position in Adobe by 10.6% in the second quarter. Insigneo Advisory Services LLC now owns 4,692 shares of the software company’s stock valued at $2,390,000 after buying an additional 449 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Adobe by 179.4% during the second quarter. Point72 Asset Management L.P. now owns 125,012 shares of the software company’s stock worth $69,449,000 after buying an additional 80,268 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ADBE. Stifel Nicolaus dropped their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Citigroup lowered their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Oppenheimer reduced their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, BMO Capital Markets lowered their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One equities 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Up 0.2 %

Shares of NASDAQ:ADBE opened at $437.32 on Thursday. The stock has a market cap of $190.37 billion, a PE ratio of 35.27, a P/E/G ratio of 2.08 and a beta of 1.31. 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 business has a 50 day moving average of $471.36 and a 200-day moving average of $509.54.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the business earned $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current 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 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,763 shares of company stock valued at $893,665 in the last quarter. Company insiders own 0.15% of the company’s stock.

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.