Somerset Trust Co Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Somerset Trust Co boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 14.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,157 shares of the software company’s stock after buying an additional 150 shares during the quarter. Somerset Trust Co’s holdings in Adobe were worth $514,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Merit Financial Group LLC raised its position in shares of Adobe by 53.2% in the fourth quarter. Merit Financial Group LLC now owns 9,763 shares of the software company’s stock valued at $4,341,000 after buying an additional 3,389 shares during the last quarter. Butensky & Cohen Financial Security Inc. purchased a new position in shares of Adobe during the 4th quarter worth $4,601,000. First National Bank of Mount Dora Trust Investment Services boosted its holdings in shares of Adobe by 1.6% during the fourth quarter. First National Bank of Mount Dora Trust Investment Services now owns 18,417 shares of the software company’s stock worth $8,190,000 after purchasing an additional 285 shares during the last quarter. Relyea Zuckerberg Hanson LLC grew its position in shares of Adobe by 17.1% in the fourth quarter. Relyea Zuckerberg Hanson LLC now owns 1,366 shares of the software company’s stock valued at $607,000 after purchasing an additional 199 shares during the period. Finally, CNB Bank increased its stake in Adobe by 4.7% in the fourth quarter. CNB Bank now owns 2,243 shares of the software company’s stock valued at $997,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock valued at $893,665 over the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.7 %

Adobe stock opened at $429.99 on Friday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The stock has a market cap of $189.28 billion, a price-to-earnings ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31. The company’s 50-day moving average price is $477.84 and its two-hundred day moving average price is $513.73. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the firm posted $3.52 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ADBE. Stifel Nicolaus dropped their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Oppenheimer reduced their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, UBS Group cut their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

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.