Norway Savings Bank Acquires 565 Shares of Adobe Inc. (NASDAQ:ADBE)

Norway Savings Bank increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 33.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,262 shares of the software company’s stock after acquiring an additional 565 shares during the quarter. Norway Savings Bank’s holdings in Adobe were worth $1,006,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Commonwealth Financial Services LLC lifted its holdings in shares of Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC raised its stake in Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after purchasing an additional 20 shares during the last quarter. Connable Office Inc. boosted its holdings in Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after purchasing an additional 20 shares during the period. 1ST Source Bank grew its position in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the last quarter. Finally, Sfmg LLC increased its holdings in shares of Adobe by 3.1% during the 2nd quarter. Sfmg LLC now owns 708 shares of the software company’s stock worth $393,000 after purchasing an additional 21 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft decreased their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. UBS Group lowered their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday. Oppenheimer decreased their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Sanford C. Bernstein dropped their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, DA Davidson lowered their target price 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. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $580.65.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,293 shares of company stock valued at $1,679,809. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 2.2 %

Shares of NASDAQ ADBE traded down $9.46 during midday trading on Tuesday, hitting $421.72. The stock had a trading volume of 2,827,037 shares, compared to its average volume of 3,709,545. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a fifty-two week low of $421.58 and a fifty-two week high of $638.25. The firm has a market cap of $185.64 billion, a P/E ratio of 34.01, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The company’s 50-day simple moving average is $489.31 and its 200 day simple moving average is $520.13.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating 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 net margin of 25.85% and a return on equity of 45.22%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.52 EPS. Research analysts anticipate that Adobe Inc. will post 16.73 EPS for the current year.

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.