Centennial Bank AR Has $1.45 Million Position in Adobe Inc. (NASDAQ:ADBE)

Centennial Bank AR lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,604 shares of the software company’s stock after selling 74 shares during the quarter. Centennial Bank AR’s holdings in Adobe were worth $1,447,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP lifted its stake in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after buying an additional 1,870,307 shares in the last quarter. Swedbank AB bought a new position in Adobe in the first quarter valued at approximately $621,179,000. Longview Partners Guernsey LTD bought a new position in Adobe in the second quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD lifted its stake in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP lifted its stake in Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $17,642,653 over the last ninety days. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ADBE. BMO Capital Markets lifted their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a report on Monday, June 10th. Robert W. Baird increased their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Down 2.9 %

Shares of ADBE opened at $502.80 on Wednesday. The business’s 50-day moving average price is $543.52 and its 200-day moving average price is $516.52. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a market cap of $222.94 billion, a PE ratio of 45.18, a P/E/G ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the business earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts forecast that Adobe Inc. will post 14.79 EPS for the current fiscal year.

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.