Greenfield Savings Bank Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Greenfield Savings Bank grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 10.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,308 shares of the software company’s stock after acquiring an additional 124 shares during the quarter. Greenfield Savings Bank’s holdings in Adobe were worth $582,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Piscataqua Savings Bank grew its holdings in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the period. Legacy Investment Solutions LLC purchased a new stake in Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment raised its position in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the 3rd quarter valued at $30,000. Finally, True Wealth Design LLC increased its stake in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent analyst reports. Citigroup dropped their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group dropped their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Mizuho reduced their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $575.85.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of Adobe 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 sale, the director now directly owns 32,929 shares of the company’s stock, 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. Over the last three months, insiders have sold 1,763 shares of company stock valued at $893,665. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.6 %

ADBE stock opened at $408.50 on Tuesday. The firm’s fifty day moving average is $482.55 and its 200 day moving average is $516.02. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a one year low of $403.75 and a one year high of $638.25. The firm has a market cap of $179.82 billion, a PE ratio of 32.94, a P/E/G ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $3.52 earnings per share. On average, research analysts forecast 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.