CENTRAL TRUST Co Sells 816 Shares of Adobe Inc. (NASDAQ:ADBE)

CENTRAL TRUST Co cut its position in Adobe Inc. (NASDAQ:ADBE) by 4.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,820 shares of the software company’s stock after selling 816 shares during the quarter. CENTRAL TRUST Co’s holdings in Adobe were worth $8,191,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Sound Income Strategies LLC grew its position in shares of Adobe by 71.8% during the 1st quarter. Sound Income Strategies LLC now owns 390 shares of the software company’s stock worth $197,000 after purchasing an additional 163 shares in the last quarter. Atlas Capital Advisors LLC grew its position in Adobe by 10.4% during the first quarter. Atlas Capital Advisors LLC now owns 466 shares of the software company’s stock worth $235,000 after buying an additional 44 shares in the last quarter. Aspiriant LLC increased its stake in Adobe by 7.1% during the 1st quarter. Aspiriant LLC now owns 2,711 shares of the software company’s stock worth $1,368,000 after acquiring an additional 179 shares during the period. Wealthcare Advisory Partners LLC raised its holdings in Adobe by 36.7% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 8,322 shares of the software company’s stock valued at $4,199,000 after acquiring an additional 2,236 shares in the last quarter. Finally, Thrive Wealth Management LLC grew its holdings in shares of Adobe by 15.5% during the 1st quarter. Thrive Wealth Management LLC now owns 1,494 shares of the software company’s stock worth $754,000 after purchasing an additional 200 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the subject of several recent analyst reports. Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Barclays upped their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, Stifel Nicolaus lifted their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,030 shares of company stock valued at $17,176,005 in the last three months. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 1.6 %

NASDAQ:ADBE opened at $485.03 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $215.06 billion, a price-to-earnings ratio of 43.58, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a 50-day moving average price of $532.85 and a two-hundred day moving average price of $515.83.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business posted $3.26 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 14.8 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.