Citizens National Bank Trust Department Has $2.63 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Citizens National Bank Trust Department grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,905 shares of the software company’s stock after buying an additional 320 shares during the quarter. Citizens National Bank Trust Department’s holdings in Adobe were worth $2,626,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in ADBE. Swedbank AB grew its holdings in shares of Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the last quarter. Raleigh Capital Management Inc. grew its position in shares of Adobe by 6.4% during the 3rd quarter. Raleigh Capital Management Inc. now owns 836 shares of the software company’s stock worth $433,000 after buying an additional 50 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Adobe by 8.7% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 8,157 shares of the software company’s stock worth $4,223,000 after acquiring an additional 654 shares during the period. Pictet North America Advisors SA increased its holdings in Adobe by 798.8% in the third quarter. Pictet North America Advisors SA now owns 5,033 shares of the software company’s stock valued at $2,606,000 after purchasing an additional 4,473 shares during the last quarter. Finally, Tempus Wealth Planning LLC raised its position in shares of Adobe by 6.6% in the 3rd quarter. Tempus Wealth Planning LLC now owns 402 shares of the software company’s stock valued at $208,000 after acquiring an additional 25 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on ADBE. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. BMO Capital Markets cut their price objective on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research report on Wednesday. Barclays reduced their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. UBS Group lowered their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Finally, Citigroup cut their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Stock Performance

NASDAQ ADBE opened at $456.99 on Thursday. The firm has a market cap of $198.93 billion, a P/E ratio of 36.85, a P/E/G ratio of 2.23 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s 50-day moving average price is $441.28 and its 200 day moving average price is $494.89. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.52 EPS. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last 90 days. 0.15% of the stock is currently owned by insiders.

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.