Canandaigua National Bank & Trust Co. Has $2.62 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Canandaigua National Bank & Trust Co. trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 16.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,883 shares of the software company’s stock after selling 1,122 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Adobe were worth $2,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of ADBE. Piscataqua Savings Bank increased its position in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment lifted its holdings in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the 3rd quarter valued at $30,000. Finally, True Wealth Design LLC raised its holdings in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Adobe stock traded up $0.61 during midday trading on Monday, hitting $431.18. 3,976,210 shares of the company’s stock were exchanged, compared to its average volume of 3,799,382. The stock has a 50-day moving average price of $490.31 and a two-hundred day moving average price of $520.78. Adobe Inc. has a 52-week low of $425.32 and a 52-week high of $638.25. The company has a market cap of $189.81 billion, a P/E ratio of 34.77, a PEG ratio of 2.51 and a beta of 1.31. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the firm posted $3.52 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Mizuho lowered their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group cut their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, Barclays cut their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $582.96.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 7.51 % 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, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,293 shares of company stock valued at $1,679,809 over the last 90 days. 0.15% of the stock is owned by insiders.

Adobe Company Profile

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.