Adobe Inc. (NASDAQ:ADBE) Stock Position Decreased by Central Bank & Trust Co.

Central Bank & Trust Co. lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,121 shares of the software company’s stock after selling 1,883 shares during the period. Adobe comprises about 1.4% of Central Bank & Trust Co.’s investment portfolio, making the stock its 21st biggest holding. Central Bank & Trust Co.’s holdings in Adobe were worth $8,947,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Commonwealth Financial Services LLC lifted its stake in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the period. Onyx Bridge Wealth Group LLC lifted its position in Adobe by 4.0% in the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after purchasing an additional 20 shares during the period. Connable Office Inc. lifted its position in Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the period. 1ST Source Bank boosted its stake in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares in the last quarter. Finally, Sfmg LLC increased its position in shares of 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 period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada lowered their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research note on Wednesday, January 15th. BMO Capital Markets reduced their target price 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. Finally, Mizuho dropped 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. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Price Performance

NASDAQ ADBE opened at $429.99 on Tuesday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The stock’s 50-day moving average is $476.55 and its two-hundred day moving average is $512.03. The firm has a market cap of $189.28 billion, a P/E ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same period last year, the business earned $3.52 EPS. On average, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now 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 disclosure for this sale can be found here. In the last three months, insiders sold 1,763 shares of company stock valued at $893,665. 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.