Centennial Bank AR Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Centennial Bank AR cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,583 shares of the software company’s stock after selling 21 shares during the period. Centennial Bank AR’s holdings in Adobe were worth $1,337,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Salomon & Ludwin LLC boosted its position in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Comprehensive Financial Consultants Institutional Inc. boosted its position in Adobe by 5.7% in the first quarter. Comprehensive Financial Consultants Institutional Inc. now owns 2,124 shares of the software company’s stock worth $1,072,000 after purchasing an additional 115 shares during the last quarter. RiverPark Advisors LLC boosted its position in Adobe by 10.7% in the first quarter. RiverPark Advisors LLC now owns 3,449 shares of the software company’s stock worth $1,740,000 after purchasing an additional 333 shares during the last quarter. Boomfish Wealth Group LLC boosted its position in Adobe by 5.0% in the first quarter. Boomfish Wealth Group LLC now owns 4,264 shares of the software company’s stock worth $2,152,000 after purchasing an additional 204 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its position in Adobe by 3.9% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 113,996 shares of the software company’s stock worth $57,522,000 after purchasing an additional 4,257 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 481 shares of Adobe 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 owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Scott Belsky sold 481 shares of Adobe 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 owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe 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 completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

NASDAQ:ADBE opened at $482.80 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock’s 50 day simple moving average is $522.17 and its two-hundred day simple moving average is $516.20. The company has a market cap of $212.53 billion, a price-to-earnings ratio of 40.78, a PEG ratio of 2.46 and a beta of 1.30.

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Citigroup lifted their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Barclays lifted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.