Adobe Inc. (NASDAQ:ADBE) Stock Position Lowered by Wilmington Savings Fund Society FSB

Wilmington Savings Fund Society FSB trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 10.6% during the 4th quarter, HoldingsChannel reports. The firm owned 6,211 shares of the software company’s stock after selling 738 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Adobe were worth $2,762,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC lifted its stake in Adobe by 8.6% in the 4th quarter. Kingsview Wealth Management LLC now owns 18,626 shares of the software company’s stock worth $8,283,000 after acquiring an additional 1,476 shares in the last quarter. Chronos Wealth Management LLC increased its holdings in shares of Adobe by 4.2% in the 4th quarter. Chronos Wealth Management LLC now owns 6,879 shares of the software company’s stock valued at $3,059,000 after purchasing an additional 275 shares during the period. Apollon Wealth Management LLC lifted its position in shares of Adobe by 12.4% in the fourth quarter. Apollon Wealth Management LLC now owns 12,731 shares of the software company’s stock worth $5,661,000 after purchasing an additional 1,403 shares in the last quarter. Vest Financial LLC boosted its holdings in shares of Adobe by 13.7% during the fourth quarter. Vest Financial LLC now owns 2,593 shares of the software company’s stock worth $1,153,000 after purchasing an additional 312 shares during the period. Finally, Cidel Asset Management Inc. grew its position in Adobe by 5,274.8% during the fourth quarter. Cidel Asset Management Inc. now owns 45,041 shares of the software company’s stock valued at $20,029,000 after purchasing an additional 44,203 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ADBE shares. BMO Capital Markets cut their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and cut their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. UBS Group cut their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Finally, Sanford C. Bernstein lowered their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.5 %

Shares of Adobe stock opened at $433.07 on Friday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $628.07. The company’s fifty day simple moving average is $453.92 and its 200-day simple moving average is $499.63. The company has a market cap of $188.52 billion, a price-to-earnings ratio of 34.93, a PEG ratio of 2.11 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the firm posted $3.52 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 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.