First National Bank of Mount Dora Trust Investment Services Purchases 285 Shares of Adobe Inc. (NASDAQ:ADBE)

First National Bank of Mount Dora Trust Investment Services lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,417 shares of the software company’s stock after buying an additional 285 shares during the quarter. Adobe makes up 1.9% of First National Bank of Mount Dora Trust Investment Services’ holdings, making the stock its 12th largest holding. First National Bank of Mount Dora Trust Investment Services’ holdings in Adobe were worth $8,190,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC lifted its stake in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the last quarter. Longview Partners Guernsey LTD purchased a new stake in shares of Adobe during the 2nd quarter worth $663,745,000. FMR LLC lifted its stake in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares during the last quarter. Finally, Erste Asset Management GmbH purchased a new stake in Adobe in the third quarter valued at about $126,703,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research analyst reports. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Bank of America decreased their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets decreased their price target on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Mizuho decreased their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,763 shares of company stock valued at $893,665. Company insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.7 %

Adobe stock opened at $429.99 on Friday. The firm has a market cap of $189.28 billion, a price-to-earnings ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The business’s 50-day moving average price is $477.84 and its 200 day moving average price is $513.73. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company earned $3.52 earnings per share. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current 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.