Citizens National Bank Trust Department Has $2.63 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Citizens National Bank Trust Department increased its position in Adobe Inc. (NASDAQ:ADBE) by 5.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,905 shares of the software company’s stock after purchasing an additional 320 shares during the quarter. Citizens National Bank Trust Department’s holdings in Adobe were worth $2,626,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADBE. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the 3rd quarter valued at $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the third quarter valued at $30,000. True Wealth Design LLC lifted its stake 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 worth $30,000 after acquiring an additional 34 shares during the period. Briaud Financial Planning Inc bought a new position in Adobe during the 3rd quarter worth approximately $36,000. Finally, Decker Retirement Planning Inc. acquired a new position in shares of Adobe in the 4th quarter valued at about $31,000. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were 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 of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. BMO Capital Markets reduced their price target on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research report on Wednesday. Citigroup cut their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Oppenheimer dropped their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday. They issued a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Price Performance

Adobe stock opened at $456.99 on Thursday. The stock has a market capitalization of $198.93 billion, a P/E ratio of 36.85, a P/E/G ratio of 2.23 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The firm’s 50-day moving average is $441.28 and its two-hundred day moving average is $494.89.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.52 EPS. Equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current 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.