Ballentine Partners LLC Has $3.13 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

Ballentine Partners LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 11.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,041 shares of the software company’s stock after selling 872 shares during the period. Ballentine Partners LLC’s holdings in Adobe were worth $3,131,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Piscataqua Savings Bank lifted its position in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the third quarter worth about $26,000. Groupama Asset Managment raised its stake in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the third quarter valued at approximately $30,000. Finally, True Wealth Design LLC increased its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADBE. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Royal Bank of Canada decreased their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Piper Sandler reduced their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, Jefferies Financial Group dropped their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

View Our Latest Research Report on ADBE

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was 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 directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,763 shares of company stock worth $893,665. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.7 %

Shares of NASDAQ:ADBE opened at $429.99 on Tuesday. The firm has a market cap of $189.28 billion, a price-to-earnings ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The company’s fifty day simple moving average is $476.55 and its 200 day simple moving average is $512.03. 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 – Get Free Report) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $3.52 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

About Adobe

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).