First County Bank CT Sells 45 Shares of Adobe Inc. (NASDAQ:ADBE)

First County Bank CT trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 1,557 shares of the software company’s stock after selling 45 shares during the quarter. First County Bank CT’s holdings in Adobe were worth $806,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Capital World Investors increased its stake in Adobe by 47.6% in the first quarter. Capital World Investors now owns 170,117 shares of the software company’s stock valued at $85,841,000 after acquiring an additional 54,866 shares during the last quarter. Westwood Holdings Group Inc. increased its stake in shares of Adobe by 117.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company’s stock valued at $3,703,000 after purchasing an additional 3,967 shares during the last quarter. Epoch Investment Partners Inc. increased its stake in shares of Adobe by 13.1% in the 1st quarter. Epoch Investment Partners Inc. now owns 225,020 shares of the software company’s stock valued at $113,545,000 after purchasing an additional 26,137 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Adobe by 9.7% during the 1st quarter. Lazard Asset Management LLC now owns 1,089,183 shares of the software company’s stock worth $549,600,000 after buying an additional 96,423 shares during the last quarter. Finally, Steel Grove Capital Advisors LLC boosted its stake in Adobe by 56.7% in the first quarter. Steel Grove Capital Advisors LLC now owns 1,757 shares of the software company’s stock valued at $887,000 after buying an additional 636 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of ADBE opened at $504.47 on Friday. The firm has a market cap of $222.07 billion, a PE ratio of 42.61, a price-to-earnings-growth ratio of 2.57 and a beta of 1.30. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The business’s 50 day moving average price is $503.63 and its two-hundred day moving average price is $518.71. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the firm posted $3.26 earnings per share. The business’s revenue was up 10.6% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insider Activity at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was 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 in the company, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research reports. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Sanford C. Bernstein reduced their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $606.40.

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.