First Western Trust Bank Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

First Western Trust Bank lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 15.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,339 shares of the software company’s stock after selling 1,311 shares during the quarter. First Western Trust Bank’s holdings in Adobe were worth $3,800,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank grew its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. Summit Securities Group LLC purchased a new position in Adobe in the second quarter valued at approximately $33,000. Highline Wealth Partners LLC bought a new position in Adobe during the third quarter valued at $38,000. Lynx Investment Advisory purchased a new stake in Adobe in the second quarter worth $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Adobe in the second quarter valued at $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 in the last 90 days. 0.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ADBE shares. Barclays increased their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Shares of Adobe stock opened at $503.37 on Monday. The firm has a market capitalization of $221.58 billion, a PE ratio of 42.51, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The business’s 50-day moving average price is $509.79 and its 200-day moving average price is $518.69.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business earned $3.26 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal 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.