Bath Savings Trust Co Has $1.19 Million Position in Adobe Inc. (NASDAQ:ADBE)

Bath Savings Trust Co cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,424 shares of the software company’s stock after selling 62 shares during the quarter. Bath Savings Trust Co’s holdings in Adobe were worth $1,185,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. NewSquare Capital LLC increased its stake in shares of Adobe by 278.9% in the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after buying an additional 53 shares in the last quarter. Financial Freedom LLC acquired a new stake in Adobe in the fourth quarter worth about $29,000. Financial Management Professionals Inc. increased its position in Adobe by 171.0% in the first quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after purchasing an additional 53 shares during the period. Independence Bank of Kentucky increased its position in Adobe by 209.1% in the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after purchasing an additional 46 shares during the period. Finally, Fortis Capital Advisors LLC acquired a new stake in Adobe in the fourth quarter worth about $35,000. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Mark S. Garfield sold 298 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,135,930.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 298 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,135,930.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. In the last three months, insiders sold 43,089 shares of company stock worth $20,720,115. 0.24% of the stock is currently owned by company insiders.

Adobe Stock Performance

Shares of ADBE stock traded up $3.91 during trading on Monday, reaching $532.80. 1,441,892 shares of the company’s stock were exchanged, compared to its average volume of 3,215,667. 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 stock has a market capitalization of $242.85 billion, a PE ratio of 48.02, a PEG ratio of 3.31 and a beta of 1.33. Adobe Inc. has a twelve month low of $274.73 and a twelve month high of $570.24. The firm’s fifty day moving average price is $530.08 and its 200-day moving average price is $443.78.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.98 by $0.11. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a return on equity of 38.66% and a net margin of 27.11%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.63 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 12.56 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADBE. TD Cowen lifted their price objective on Adobe from $600.00 to $630.00 and gave the stock an “outperform” rating in a research report on Friday. Morgan Stanley upgraded Adobe from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $510.00 to $660.00 in a research report on Monday, July 31st. DA Davidson raised their target price on Adobe from $350.00 to $500.00 in a report on Friday, June 16th. Atlantic Securities raised their target price on Adobe from $420.00 to $580.00 in a report on Friday, June 16th. Finally, Citigroup lifted their price objective on Adobe from $544.00 to $570.00 and gave the company a “neutral” rating in a report on Wednesday, September 13th. Nine research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $586.38.

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.