Trust Co of the South Sells 80 Shares of Adobe Inc. (NASDAQ:ADBE)

Trust Co of the South cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 13.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 511 shares of the software company’s stock after selling 80 shares during the period. Trust Co of the South’s holdings in Adobe were worth $227,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Piscataqua Savings Bank boosted its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Adobe during the third quarter valued at about $26,000. Groupama Asset Managment lifted its stake in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in Adobe during the third quarter worth about $30,000. Finally, True Wealth Design LLC increased its stake in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock valued at $1,679,809 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Down 0.8 %

Shares of NASDAQ:ADBE traded down $3.50 during mid-day trading on Thursday, reaching $441.18. 1,601,465 shares of the stock were exchanged, compared to its average volume of 3,292,693. The company has a market cap of $194.21 billion, a P/E ratio of 35.58, a P/E/G ratio of 2.51 and a beta of 1.29. The stock’s 50 day simple moving average is $492.21 and its 200-day simple moving average is $521.97. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a one year low of $432.47 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the company earned $3.52 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts predict that Adobe Inc. will post 16.73 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADBE. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. UBS Group dropped their price objective on shares of Adobe from $550.00 to $525.00 and set a “neutral” rating for the company in a research note on Thursday, December 12th. Sanford C. Bernstein decreased their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Piper Sandler dropped their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $584.88.

About Adobe

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.