Adobe Inc. (NASDAQ:ADBE) Stake Lifted by Sabal Trust CO

Sabal Trust CO boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 24.4% in the 4th quarter, Holdings Channel reports. The firm owned 5,127 shares of the software company’s stock after buying an additional 1,007 shares during the period. Sabal Trust CO’s holdings in Adobe were worth $2,280,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ADBE. Swedbank AB boosted its position in shares of Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after buying an additional 3,739 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its stake in Adobe by 13.0% in the third quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 1,392 shares of the software company’s stock valued at $721,000 after acquiring an additional 160 shares during the last quarter. Inscription Capital LLC boosted its holdings in Adobe by 37.6% in the third quarter. Inscription Capital LLC now owns 531 shares of the software company’s stock worth $275,000 after purchasing an additional 145 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of Adobe by 12.8% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 2,189 shares of the software company’s stock valued at $1,133,000 after acquiring an additional 248 shares during the last quarter. Finally, Orrstown Financial Services Inc. lifted its position in Adobe by 37.4% during the 3rd quarter. Orrstown Financial Services Inc. now owns 3,108 shares of the software company’s stock worth $1,609,000 after acquiring an additional 846 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 in the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.2 %

Shares of Adobe stock opened at $443.41 on Wednesday. The stock’s 50 day simple moving average is $439.88 and its 200-day simple moving average is $492.62. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market cap of $193.02 billion, a P/E ratio of 35.76, a P/E/G ratio of 2.15 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the company posted $3.52 earnings per share. Analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent research reports. UBS Group decreased their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Citigroup reduced their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Oppenheimer dropped their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $570.88.

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.