Adobe Inc. (NASDAQ:ADBE) Shares Sold by Community Bank & Trust Waco Texas

Community Bank & Trust Waco Texas cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.8% during the fourth quarter, HoldingsChannel reports. The firm owned 1,066 shares of the software company’s stock after selling 31 shares during the period. Community Bank & Trust Waco Texas’ holdings in Adobe were worth $474,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of ADBE. Piscataqua Savings Bank increased its stake in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Adobe during the third quarter worth about $26,000. Groupama Asset Managment increased its stake in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe during the third quarter worth about $30,000. Finally, True Wealth Design LLC increased its stake in shares of 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 acquiring an additional 34 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Sanford C. Bernstein lowered their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. DA Davidson lowered their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Piper Sandler reduced their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $573.00.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $451.10 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $196.36 billion, a P/E ratio of 36.38, a P/E/G ratio of 2.11 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $626.34. The firm’s 50 day moving average is $453.92 and its two-hundred day moving average is $499.09.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company 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 45.87%. Adobe’s revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $3.52 earnings per share. Analysts expect that Adobe Inc. will post 16.65 EPS for the current 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.