Adobe Inc. (NASDAQ:ADBE) Shares Sold by Trust Co of Kansas

Trust Co of Kansas lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 8.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,145 shares of the software company’s stock after selling 1,120 shares during the period. Adobe comprises 2.3% of Trust Co of Kansas’ portfolio, making the stock its 19th largest holding. Trust Co of Kansas’ holdings in Adobe were worth $3,342,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Aries Wealth Management increased its position in Adobe by 24.9% during the 3rd quarter. Aries Wealth Management now owns 747 shares of the software company’s stock worth $238,000 after purchasing an additional 149 shares in the last quarter. US Bancorp DE grew its holdings in shares of Adobe by 8.3% during the third quarter. US Bancorp DE now owns 166,196 shares of the software company’s stock worth $45,737,000 after buying an additional 12,676 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 57.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 1,323,561 shares of the software company’s stock valued at $364,245,000 after buying an additional 482,400 shares during the last quarter. Rothschild & Co. Asset Management US Inc. lifted its stake in shares of Adobe by 1.6% during the third quarter. Rothschild & Co. Asset Management US Inc. now owns 14,786 shares of the software company’s stock valued at $4,069,000 after buying an additional 238 shares during the period. Finally, Regal Investment Advisors LLC boosted its position in Adobe by 5.5% during the second quarter. Regal Investment Advisors LLC now owns 876 shares of the software company’s stock worth $321,000 after acquiring an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 79.36% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, EVP Dana Rao sold 5,018 shares of the firm’s stock in a transaction that occurred on Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the completion of the sale, the executive vice president now owns 14,832 shares of the company’s stock, valued at $4,997,345.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CEO Shantanu Narayen sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, January 20th. The stock was sold at an average price of $346.61, for a total transaction of $5,199,150.00. Following the sale, the chief executive officer now owns 408,866 shares in the company, valued at $141,717,044.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Dana Rao sold 5,018 shares of the stock in a transaction that occurred on Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total value of $1,690,714.74. Following the transaction, the executive vice president now directly owns 14,832 shares in the company, valued at approximately $4,997,345.76. The disclosure for this sale can be found here. Insiders have sold a total of 26,265 shares of company stock valued at $9,067,344 in the last three months. Corporate insiders own 0.24% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of recent analyst reports. Wolfe Research increased their price target on Adobe from $400.00 to $440.00 and gave the stock an “outperform” rating in a research note on Friday, February 24th. Piper Sandler lifted their price target on Adobe from $380.00 to $415.00 and gave the company an “overweight” rating in a report on Monday, January 9th. Wells Fargo & Company increased their price objective on shares of Adobe from $310.00 to $340.00 in a report on Wednesday, December 14th. Citigroup boosted their target price on shares of Adobe from $337.00 to $355.00 and gave the company a “neutral” rating in a report on Monday, December 19th. Finally, UBS Group increased their price target on shares of Adobe from $350.00 to $400.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 15th. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $418.56.

Adobe Stock Performance

Adobe stock opened at $333.61 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.11 and a quick ratio of 1.11. The firm’s fifty day moving average price is $352.23 and its 200 day moving average price is $334.17. The company has a market capitalization of $152.99 billion, a price-to-earnings ratio of 33.03, a price-to-earnings-growth ratio of 2.06 and a beta of 1.27. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $473.49.

Adobe (NASDAQ:ADBE – Get Rating) last announced its earnings results on Wednesday, March 15th. The software company reported $3.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.68 by $0.12. The business had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.62 billion. Adobe had a return on equity of 36.74% and a net margin of 27.01%. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.84 earnings per share. On average, research analysts forecast that Adobe Inc. will post 12.15 EPS for the current fiscal year.

About Adobe

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.