Webster Bank N. A. Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Webster Bank N. A. trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 41.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 120 shares of the software company’s stock after selling 84 shares during the quarter. Webster Bank N. A.’s holdings in Adobe were worth $53,000 at the end of the most recent reporting period.

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

Adobe Stock Performance

Shares of ADBE stock opened at $438.59 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $190.92 billion, a P/E ratio of 35.37, a P/E/G ratio of 2.12 and a beta of 1.31. The firm’s 50 day moving average price is $468.14 and its 200-day moving average price is $507.26. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25.

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

Insider Activity at Adobe

In other news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Citigroup dropped their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research report on Wednesday, January 15th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday. UBS Group cut their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Finally, DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

About Adobe

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.