Adobe Inc. (NASDAQ:ADBE) Shares Sold by First Hawaiian Bank

First Hawaiian Bank cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 47.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 4,735 shares of the software company’s stock after selling 4,218 shares during the quarter. First Hawaiian Bank’s holdings in Adobe were worth $2,630,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Barlow Wealth Partners Inc. bought a new stake in shares of Adobe in the 4th quarter valued at $16,700,000. Federated Hermes Inc. lifted its holdings in shares of Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares during the period. Vise Technologies Inc. increased its stake in Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Steph & Co. boosted its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the last quarter. Finally, Naviter Wealth LLC grew its stake in Adobe by 39.7% in the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after buying an additional 996 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ADBE shares. Sanford C. Bernstein increased their price objective on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Stifel Nicolaus dropped their price objective on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. Melius Research restated a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research note on Thursday. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $601.38.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 3.2 %

Shares of ADBE stock traded down $16.85 on Monday, hitting $509.32. The company had a trading volume of 3,426,551 shares, compared to its average volume of 3,388,167. The stock’s 50-day moving average is $522.70 and its two-hundred day moving average is $527.95. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market cap of $225.83 billion, a P/E ratio of 47.27, a P/E/G ratio of 2.85 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period last year, the company posted $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.