Canandaigua National Bank & Trust Co. Sells 113 Shares of Adobe Inc. (NASDAQ:ADBE)

Canandaigua National Bank & Trust Co. cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,635 shares of the software company’s stock after selling 113 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Adobe were worth $4,711,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. 180 Wealth Advisors LLC lifted its stake in shares of Adobe by 1.9% during the 1st quarter. 180 Wealth Advisors LLC now owns 1,483 shares of the software company’s stock worth $572,000 after acquiring an additional 27 shares during the last quarter. JFS Wealth Advisors LLC boosted its stake in shares of Adobe by 12.6% during the first quarter. JFS Wealth Advisors LLC now owns 241 shares of the software company’s stock valued at $93,000 after purchasing an additional 27 shares during the period. B.O.S.S. Retirement Advisors LLC boosted its stake in shares of Adobe by 0.5% during the first quarter. B.O.S.S. Retirement Advisors LLC now owns 5,791 shares of the software company’s stock valued at $2,232,000 after purchasing an additional 28 shares during the period. Strategy Asset Managers LLC grew its holdings in shares of Adobe by 3.1% in the first quarter. Strategy Asset Managers LLC now owns 919 shares of the software company’s stock worth $354,000 after purchasing an additional 28 shares during the last quarter. Finally, Capital Impact Advisors LLC increased its stake in Adobe by 3.1% in the 4th quarter. Capital Impact Advisors LLC now owns 958 shares of the software company’s stock worth $322,000 after buying an additional 29 shares during the period. 80.00% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the completion of the sale, the chief executive officer now owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The disclosure for this sale can be found here. Insiders sold 43,089 shares of company stock valued at $20,720,115 over the last 90 days. 0.24% of the stock is currently owned by corporate insiders.

Adobe Stock Up 2.1 %

ADBE stock opened at $553.56 on Thursday. Adobe Inc. has a 52 week low of $274.73 and a 52 week high of $570.24. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.24. The firm has a 50-day simple moving average of $526.47 and a 200-day simple moving average of $439.10. The stock has a market capitalization of $252.31 billion, a P/E ratio of 52.82, a P/E/G ratio of 3.36 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 15th. The software company reported $3.91 EPS for the quarter, topping the consensus estimate of $3.79 by $0.12. The firm had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.77 billion. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.70 earnings per share. Equities analysts forecast that Adobe Inc. will post 12.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ADBE. Barclays upped their target price on shares of Adobe from $540.00 to $620.00 and gave the stock an “equal weight” rating in a research note on Friday, September 8th. TheStreet upgraded Adobe from a “c+” rating to a “b-” rating in a report on Wednesday, June 21st. JPMorgan Chase & Co. upped their target price on Adobe from $490.00 to $530.00 and gave the stock a “neutral” rating in a report on Wednesday. Bank of America raised Adobe from a “neutral” rating to a “buy” rating and raised their price objective for the company from $575.00 to $630.00 in a research report on Thursday, August 17th. Finally, Mizuho raised Adobe from a “neutral” rating to a “buy” rating and upped their target price for the company from $520.00 to $630.00 in a research report on Friday, September 8th. Ten investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $544.39.

Adobe 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.