First Western Trust Bank Trims Position in Adobe Inc. (NASDAQ:ADBE)

First Western Trust Bank lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 14.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,650 shares of the software company’s stock after selling 1,422 shares during the period. First Western Trust Bank’s holdings in Adobe were worth $4,805,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Vanguard Group Inc. raised its stake in Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares during the period. Norges Bank acquired a new position in Adobe in the fourth quarter valued at $3,277,785,000. Concentrum Wealth Management grew its position in Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after acquiring an additional 244,008 shares during the period. Finally, Brown Advisory Inc. increased its stake in Adobe by 5.4% during the fourth quarter. Brown Advisory Inc. now owns 2,388,198 shares of the software company’s stock worth $1,424,799,000 after acquiring an additional 122,738 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 1.3 %

Shares of Adobe stock opened at $567.93 on Friday. The business has a 50-day moving average price of $553.57 and a 200 day moving average price of $519.26. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a market cap of $251.82 billion, a P/E ratio of 51.03, a P/E/G ratio of 3.00 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADBE. Citigroup reduced their price objective on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. Wells Fargo & Company boosted their price objective on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Piper Sandler dropped their price objective on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 target price on shares of Adobe in a report on Thursday, August 1st. Finally, TD Cowen lowered their price target on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $603.79.

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.