First National Bank of Mount Dora Trust Investment Services Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

First National Bank of Mount Dora Trust Investment Services cut its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 2.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,001 shares of the software company’s stock after selling 497 shares during the quarter. Adobe makes up about 2.7% of First National Bank of Mount Dora Trust Investment Services’ holdings, making the stock its 6th biggest position. First National Bank of Mount Dora Trust Investment Services’ holdings in Adobe were worth $9,179,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Financial Freedom LLC acquired a new stake in Adobe in the 4th quarter worth $29,000. Fiduciary Alliance LLC acquired a new stake in shares of Adobe during the 2nd quarter valued at about $32,000. Independence Bank of Kentucky lifted its holdings in Adobe by 209.1% during the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock valued at $33,000 after purchasing an additional 46 shares during the last quarter. Glass Jacobson Investment Advisors llc bought a new position in Adobe during the 2nd quarter valued at about $34,000. Finally, Fortis Capital Advisors LLC bought a new position in Adobe during the 4th quarter valued at about $35,000. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 0.1 %

Shares of NASDAQ ADBE opened at $584.00 on Friday. The stock has a market cap of $265.90 billion, a P/E ratio of 49.45, a P/E/G ratio of 3.22 and a beta of 1.34. The firm has a 50 day moving average price of $578.45 and a 200 day moving average price of $532.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.25 and a current ratio of 1.25. Adobe Inc. has a 52-week low of $318.60 and a 52-week high of $633.89.

Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings results on Wednesday, December 13th. The software company reported $4.27 earnings per share for the quarter, beating the consensus estimate of $4.13 by $0.14. The company had revenue of $5.05 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Adobe had a net margin of 27.97% and a return on equity of 39.31%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.78 earnings per share. Analysts expect that Adobe Inc. will post 14.34 EPS for the current year.

Insider Activity

In other news, CAO Mark S. Garfield sold 116 shares of the business’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $533.56, for a total value of $61,892.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,163,585.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 116 shares of the business’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $533.56, for a total value of $61,892.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,163,585.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $553.18, for a total transaction of $53,105.28. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,243,144.90. The disclosure for this sale can be found here. Insiders sold 2,467 shares of company stock worth $1,337,400 over the last quarter. 0.24% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on ADBE. The Goldman Sachs Group lifted their price target on shares of Adobe from $550.00 to $625.00 and gave the company a “buy” rating in a report on Friday, September 15th. Argus lifted their price target on shares of Adobe from $565.00 to $611.00 in a report on Tuesday, September 19th. TD Cowen boosted their target price on shares of Adobe from $600.00 to $630.00 and gave the stock an “outperform” rating in a research note on Friday, September 15th. Oppenheimer raised shares of Adobe from a “market perform” rating to an “outperform” rating and set a $660.00 target price for the company in a research note on Thursday, October 26th. Finally, KGI Securities raised shares of Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 target price for the company in a research note on Monday, December 4th. Seven analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $613.11.

Get Our Latest Stock Report on Adobe

Adobe Company Profile

(Free Report)

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.

Read More

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).