Bangor Savings Bank Sells 98 Shares of Adobe Inc. (NASDAQ:ADBE)

Bangor Savings Bank cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 4,383 shares of the software company’s stock after selling 98 shares during the period. Bangor Savings Bank’s holdings in Adobe were worth $1,949,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Acadian Asset Management LLC increased its stake in shares of Adobe by 73.5% in the 2nd quarter. Acadian Asset Management LLC now owns 46,929 shares of the software company’s stock valued at $26,066,000 after acquiring an additional 19,876 shares during the last quarter. Koss Olinger Consulting LLC acquired a new stake in Adobe in the second quarter worth $439,000. Trium Capital LLP boosted its position in shares of Adobe by 2.9% during the second quarter. Trium Capital LLP now owns 8,612 shares of the software company’s stock worth $4,784,000 after purchasing an additional 240 shares in the last quarter. Quest Partners LLC grew its holdings in shares of Adobe by 23.3% in the 2nd quarter. Quest Partners LLC now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 111 shares during the period. Finally, First Foundation Advisors increased its position in shares of Adobe by 6.9% in the 2nd quarter. First Foundation Advisors now owns 10,640 shares of the software company’s stock valued at $5,911,000 after buying an additional 687 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,293 shares of company stock valued at $1,679,809 in the last three months. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Jefferies Financial Group lowered their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. DA Davidson cut their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus lowered their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Barclays cut their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $582.96.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $431.18 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $189.81 billion, a P/E ratio of 34.77, a P/E/G ratio of 2.51 and a beta of 1.31. Adobe Inc. has a 12 month low of $425.32 and a 12 month high of $638.25. The stock has a 50 day moving average of $489.31 and a 200-day moving average of $520.13.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $3.52 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 16.73 EPS for the current year.

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.