First County Bank CT Sells 45 Shares of Adobe Inc. (NASDAQ:ADBE)

First County Bank CT lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,557 shares of the software company’s stock after selling 45 shares during the quarter. First County Bank CT’s holdings in Adobe were worth $806,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Darden Wealth Group Inc grew its position in shares of Adobe by 40.7% during the 3rd quarter. Darden Wealth Group Inc now owns 1,794 shares of the software company’s stock valued at $929,000 after acquiring an additional 519 shares during the period. Eagle Asset Management Inc. grew its holdings in Adobe by 13.9% during the third quarter. Eagle Asset Management Inc. now owns 16,839 shares of the software company’s stock valued at $8,330,000 after purchasing an additional 2,052 shares during the period. Charles Schwab Investment Management Inc. increased its position in Adobe by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock worth $1,406,524,000 after buying an additional 21,444 shares during the last quarter. GS Investments Inc. raised its stake in shares of Adobe by 1.4% in the third quarter. GS Investments Inc. now owns 7,670 shares of the software company’s stock valued at $3,971,000 after buying an additional 105 shares during the period. Finally, Integrated Investment Consultants LLC lifted its position in shares of Adobe by 45.3% during the 3rd quarter. Integrated Investment Consultants LLC now owns 632 shares of the software company’s stock valued at $327,000 after buying an additional 197 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 in the last ninety days. 0.15% of the stock is owned by company insiders.

Adobe Stock Up 1.0 %

Shares of NASDAQ ADBE opened at $504.47 on Friday. The stock has a market capitalization of $222.07 billion, a P/E ratio of 42.61, a PEG ratio of 2.57 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm’s 50 day simple moving average is $503.63 and its two-hundred day simple moving average is $518.71. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping 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 business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the firm posted $3.26 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ADBE shares. Bank of America restated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus lifted their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Sanford C. Bernstein dropped their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, Citigroup lifted their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Two equities 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

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.