NBT Bank N A NY Sells 134 Shares of Adobe Inc. (NASDAQ:ADBE)

NBT Bank N A NY reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 3.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,094 shares of the software company’s stock after selling 134 shares during the period. NBT Bank N A NY’s holdings in Adobe were worth $1,821,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Swedbank AB grew its stake in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares in the last quarter. United Bank grew its stake in Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Adobe by 2.6% during the third quarter. Assetmark Inc. now owns 20,323 shares of the software company’s stock valued at $10,523,000 after purchasing an additional 520 shares in the last quarter. Sigma Planning Corp boosted its stake in shares of Adobe by 7.5% during the third quarter. Sigma Planning Corp now owns 4,873 shares of the software company’s stock valued at $2,523,000 after purchasing an additional 339 shares in the last quarter. Finally, Baker Avenue Asset Management LP boosted its stake in shares of Adobe by 18.4% during the third quarter. Baker Avenue Asset Management LP now owns 915 shares of the software company’s stock valued at $474,000 after purchasing an additional 142 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent research reports. Oppenheimer dropped their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. BMO Capital Markets set a $515.00 price objective on shares of Adobe and gave the company an “outperform” rating in a research note on Friday. Stifel Nicolaus decreased their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Royal Bank of Canada decreased their target price on shares of Adobe from $590.00 to $550.00 and set an “outperform” rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $563.96.

Adobe Trading Down 3.2 %

Shares of Adobe stock opened at $435.08 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a fifty day moving average price of $439.35 and a 200 day moving average price of $485.74. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The stock has a market cap of $189.44 billion, a PE ratio of 35.09, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the company posted $3.52 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In other news, Director David A. Ricks purchased 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last 90 days. Insiders own 0.15% of the company’s stock.

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.