Adobe Inc. (NASDAQ:ADBE) Shares Sold by Indiana Trust & Investment Management Co

Indiana Trust & Investment Management Co cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 12.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 525 shares of the software company’s stock after selling 75 shares during the quarter. Indiana Trust & Investment Management Co’s holdings in Adobe were worth $272,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Piscataqua Savings Bank lifted its position in Adobe by 226.7% during the third 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. Tradewinds Capital Management LLC boosted its stake in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC acquired a new stake in Adobe during the second quarter worth about $33,000. Finally, Lynx Investment Advisory purchased a new position in Adobe during the second quarter valued at approximately $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on ADBE shares. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. UBS Group dropped their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two investment 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. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,078 shares of company stock worth $16,700,246. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Down 0.8 %

Shares of ADBE traded down $3.96 during mid-day trading on Wednesday, reaching $504.07. The stock had a trading volume of 901,837 shares, compared to its average volume of 3,220,148. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The business’s fifty day moving average is $537.17 and its 200 day moving average is $515.94. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The firm has a market cap of $223.50 billion, a price-to-earnings ratio of 45.17, a P/E/G ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the firm earned $3.26 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts predict that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Adobe Company 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.