First County Bank CT Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

First County Bank CT lifted its position in Adobe Inc. (NASDAQ:ADBE) by 6.7% during the first quarter, Holdings Channel reports. The institutional investor owned 1,247 shares of the software company’s stock after buying an additional 78 shares during the quarter. First County Bank CT’s holdings in Adobe were worth $478,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Brighton Jones LLC grew its stake in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after buying an additional 167 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new stake in Adobe in the fourth quarter worth about $76,712,000. R Squared Ltd purchased a new stake in shares of Adobe during the fourth quarter worth about $141,000. Strategic Blueprint LLC increased its holdings in shares of Adobe by 45.3% during the fourth quarter. Strategic Blueprint LLC now owns 3,548 shares of the software company’s stock valued at $1,578,000 after acquiring an additional 1,106 shares in the last quarter. Finally, Hanson & Doremus Investment Management raised its position in shares of Adobe by 89.8% in the 4th quarter. Hanson & Doremus Investment Management now owns 317 shares of the software company’s stock valued at $141,000 after purchasing an additional 150 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.3%

Adobe stock opened at $413.36 on Friday. 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 capitalization of $176.17 billion, a PE ratio of 33.34, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business has a 50 day simple moving average of $378.87 and a 200-day simple moving average of $429.47. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm earned $4.48 EPS. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on ADBE shares. Robert W. Baird dropped their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Wells Fargo & Company reduced their target price on Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Oppenheimer dropped their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, Royal Bank of Canada reduced their price objective on Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a research note on Monday, April 14th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Insider Transactions at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.16% of the company’s stock.

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.