Arlington Trust Co LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Arlington Trust Co LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,683 shares of the software company’s stock after selling 124 shares during the period. Arlington Trust Co LLC’s holdings in Adobe were worth $1,389,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC raised its position in Adobe by 5.5% in the first quarter. Janney Montgomery Scott LLC now owns 88,698 shares of the software company’s stock valued at $44,757,000 after purchasing an additional 4,630 shares during the period. Hunter Associates Investment Management LLC raised its holdings in shares of Adobe by 16.9% in the first quarter. Hunter Associates Investment Management LLC now owns 691 shares of the software company’s stock valued at $348,000 after buying an additional 100 shares during the last quarter. Choreo LLC raised its holdings in shares of Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares during the last quarter. BNP Paribas purchased a new position in Adobe during the first quarter worth about $10,263,000. Finally, Lincoln National Corp raised its holdings in Adobe by 1.2% during the first quarter. Lincoln National Corp now owns 7,915 shares of the software company’s stock worth $3,994,000 after purchasing an additional 96 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $4.72 during midday trading on Friday, hitting $482.80. The company’s stock had a trading volume of 2,852,008 shares, compared to its average volume of 3,176,052. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm’s fifty day moving average price is $522.17 and its 200-day moving average price is $515.64. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $212.53 billion, a P/E ratio of 40.78, a P/E/G ratio of 2.51 and a beta of 1.29.

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

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research analyst reports. Stifel Nicolaus increased their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Bank of America reiterated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

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.