Avalon Trust Co Has $21.44 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Avalon Trust Co increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,208 shares of the software company’s stock after buying an additional 363 shares during the period. Adobe accounts for approximately 1.5% of Avalon Trust Co’s holdings, making the stock its 18th biggest holding. Avalon Trust Co’s holdings in Adobe were worth $21,437,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC acquired a new position in Adobe during the 3rd quarter worth about $26,000. Groupama Asset Managment lifted its position in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the 3rd quarter worth about $30,000. True Wealth Design LLC lifted its position in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. acquired a new position in Adobe during the 4th quarter worth about $31,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 4.5 %

Shares of Adobe stock opened at $394.74 on Friday. The business has a fifty day simple moving average of $437.03 and a two-hundred day simple moving average of $482.06. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The company has a market capitalization of $171.87 billion, a price-to-earnings ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm posted $4.48 EPS. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ADBE shares. Citigroup cut their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Jefferies Financial Group cut their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Wells Fargo & Company cut their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Evercore ISI cut their target price on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Piper Sandler cut their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $540.60.

Insider Buying and Selling at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of the stock in a transaction on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last quarter. 0.16% of the stock is currently owned by insiders.

About Adobe

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.