Enterprise Bank & Trust Co Sells 1,196 Shares of Adobe Inc. (NASDAQ:ADBE)

Enterprise Bank & Trust Co reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 35.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,212 shares of the software company’s stock after selling 1,196 shares during the period. Enterprise Bank & Trust Co’s holdings in Adobe were worth $744,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. VELA Investment Management LLC lifted its position in shares of Adobe by 122.2% in the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after purchasing an additional 1,077 shares during the period. Bornite Capital Management LP bought a new position in Adobe during the first quarter worth $15,947,000. United Bank lifted its holdings in Adobe by 34.7% in the first quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after buying an additional 543 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Adobe by 21.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after acquiring an additional 91,328 shares during the last quarter. Finally, Ergoteles LLC grew its holdings in Adobe by 138.3% during the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after acquiring an additional 3,860 shares during the period. 79.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on ADBE shares. BMO Capital Markets upped their target price on Adobe from $395.00 to $400.00 and gave the company a “market perform” rating in a research report on Thursday. Stifel Nicolaus raised their price objective on shares of Adobe from $375.00 to $400.00 in a research report on Friday, December 16th. UBS Group boosted their target price on shares of Adobe from $350.00 to $400.00 and gave the company a “neutral” rating in a research report on Wednesday, February 15th. DA Davidson began coverage on shares of Adobe in a research note on Tuesday, January 17th. They issued a “neutral” rating and a $350.00 price target for the company. Finally, Credit Suisse Group upped their price objective on shares of Adobe from $325.00 to $350.00 and gave the company a “neutral” rating in a report on Friday. Sixteen investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Hold” and a consensus target price of $415.70.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction on Monday, December 19th. The stock was sold at an average price of $338.00, for a total value of $44,616.00. Following the sale, the chief accounting officer now directly owns 3,271 shares in the company, valued at $1,105,598. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 209 shares of the company’s stock in a transaction that occurred on Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total transaction of $74,282.78. Following the sale, the chief accounting officer now directly owns 3,479 shares in the company, valued at approximately $1,236,506.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction on Monday, December 19th. The shares were sold at an average price of $338.00, for a total transaction of $44,616.00. Following the sale, the chief accounting officer now directly owns 3,271 shares in the company, valued at approximately $1,105,598. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,265 shares of company stock valued at $9,067,344. Company insiders own 0.24% of the company’s stock.

Adobe Stock Performance

Shares of ADBE traded up $4.85 on Friday, reaching $358.14. 6,725,352 shares of the company’s stock traded hands, compared to its average volume of 3,046,425. The stock’s 50 day simple moving average is $353.24 and its two-hundred day simple moving average is $334.18. The stock has a market cap of $164.24 billion, a PE ratio of 35.46, a PEG ratio of 2.08 and a beta of 1.27. Adobe Inc. has a 52-week low of $274.73 and a 52-week high of $473.49. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.26.

Adobe (NASDAQ:ADBE – Get Rating) last announced its earnings results on Wednesday, March 15th. The software company reported $3.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.68 by $0.12. Adobe had a return on equity of 36.74% and a net margin of 27.01%. The firm had revenue of $4.66 billion during the quarter, compared to analyst estimates of $4.62 billion. During the same period last year, the firm posted $2.84 EPS. The business’s revenue was up 9.2% compared to the same quarter last year. On average, analysts forecast that Adobe Inc. will post 12.15 earnings per share for the current fiscal year.

Adobe Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.