Trust Co of Kansas Purchases 144 Shares of Adobe Inc. (NASDAQ:ADBE)

Trust Co of Kansas raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,139 shares of the software company’s stock after acquiring an additional 144 shares during the quarter. Adobe makes up approximately 2.4% of Trust Co of Kansas’ holdings, making the stock its 22nd biggest position. Trust Co of Kansas’ holdings in Adobe were worth $4,953,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Intech Investment Management LLC grew its holdings in shares of Adobe by 20.1% in the 2nd quarter. Intech Investment Management LLC now owns 41,818 shares of the software company’s stock valued at $23,232,000 after acquiring an additional 6,985 shares in the last quarter. Brighton Jones LLC grew its stake in Adobe by 1.8% in the second quarter. Brighton Jones LLC now owns 8,126 shares of the software company’s stock valued at $4,514,000 after purchasing an additional 142 shares in the last quarter. Ieq Capital LLC increased its position in shares of Adobe by 5.4% during the 2nd quarter. Ieq Capital LLC now owns 50,681 shares of the software company’s stock worth $28,155,000 after purchasing an additional 2,575 shares during the last quarter. Wealth Advisors of Tampa Bay LLC raised its stake in shares of Adobe by 37.8% during the 2nd quarter. Wealth Advisors of Tampa Bay LLC now owns 4,959 shares of the software company’s stock worth $2,755,000 after purchasing an additional 1,359 shares in the last quarter. Finally, Promethos Capital LLC boosted its holdings in shares of Adobe by 234.8% in the 2nd quarter. Promethos Capital LLC now owns 7,405 shares of the software company’s stock valued at $4,114,000 after buying an additional 5,193 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the firm’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 value of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,763 shares of company stock worth $893,665 over the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $429.99 on Friday. The firm’s 50 day simple moving average is $477.84 and its 200 day simple moving average is $513.73. The firm has a market capitalization of $189.28 billion, a price-to-earnings ratio of 34.68, a P/E/G ratio of 1.97 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating 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 firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter last year, the business posted $3.52 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. As a group, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada lowered their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Sanford C. Bernstein dropped their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Citigroup reduced their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Mizuho dropped their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Oppenheimer reduced their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Company 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.