Adirondack Trust Co. Sells 38 Shares of Adobe Inc. (NASDAQ:ADBE)

Adirondack Trust Co. decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,035 shares of the software company’s stock after selling 38 shares during the period. Adirondack Trust Co.’s holdings in Adobe were worth $536,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ADBE. GAMMA Investing LLC raised its holdings in Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares during the period. Steph & Co. lifted its holdings in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after purchasing an additional 398 shares during the period. Anchor Investment Management LLC grew its holdings in Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after buying an additional 1,430 shares in the last quarter. Finally, Choreo LLC increased its position in Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after buying an additional 197 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated 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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Daniel Durn sold 6,500 shares of the firm’s 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 sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $17,642,653 over the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $494.08 on Thursday. The firm has a market cap of $219.08 billion, a PE ratio of 44.39, a price-to-earnings-growth ratio of 2.72 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’s fifty day moving average is $539.91 and its 200-day moving average is $516.07. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.26 EPS. Sell-side analysts predict that Adobe Inc. will post 14.79 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and upped their price target for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Bank of America reiterated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Wells Fargo & Company lifted their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Oppenheimer reissued an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Citigroup boosted their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.