Bar Harbor Wealth Management Has $4.66 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Bar Harbor Wealth Management lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,470 shares of the software company’s stock after purchasing an additional 415 shares during the period. Bar Harbor Wealth Management’s holdings in Adobe were worth $4,656,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank raised its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the period. Legacy Investment Solutions LLC purchased a new position in Adobe in the 3rd quarter valued at approximately $26,000. Groupama Asset Managment lifted its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe in the third quarter valued at approximately $30,000. Finally, True Wealth Design LLC increased its stake in Adobe by 141.7% in the 3rd 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 last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADBE. Sanford C. Bernstein lowered their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Mizuho dropped their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Piper Sandler cut their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, Bank of America lowered their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $575.85.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction 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 completion of the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were 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 in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,293 shares of company stock worth $1,679,809. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE traded up $1.92 during mid-day trading on Monday, reaching $407.84. 3,152,770 shares of the company traded hands, compared to its average volume of 4,043,063. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The stock has a market capitalization of $179.53 billion, a P/E ratio of 32.89, a P/E/G ratio of 2.51 and a beta of 1.31. The company’s fifty day moving average price is $484.01 and its 200-day moving average price is $517.00.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 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 analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.52 EPS. On average, sell-side analysts expect that Adobe Inc. will post 16.73 EPS for the current year.

About Adobe

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.