First National Bank of Mount Dora Trust Investment Services Cuts Position in Adobe Inc. (NASDAQ:ADBE)

First National Bank of Mount Dora Trust Investment Services reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,005 shares of the software company's stock after selling 1,412 shares during the period. Adobe accounts for about 1.6% of First National Bank of Mount Dora Trust Investment Services' portfolio, making the stock its 26th largest holding. First National Bank of Mount Dora Trust Investment Services' holdings in Adobe were worth $6,522,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Siemens Fonds Invest GmbH lifted its holdings in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. SWAN Capital LLC purchased a new position in shares of Adobe in the fourth quarter worth about $28,000. Copia Wealth Management acquired a new position in Adobe during the fourth quarter worth about $28,000. Summit Securities Group LLC purchased a new stake in Adobe during the 4th quarter valued at about $31,000. Finally, Bernard Wealth Management Corp. purchased a new position in Adobe in the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Adobe stock traded down $0.20 during midday trading on Tuesday, reaching $416.06. The company's stock had a trading volume of 2,623,502 shares, compared to its average volume of 3,404,865. The firm has a market capitalization of $177.32 billion, a PE ratio of 33.55, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock's 50 day simple moving average is $382.02 and its 200 day simple moving average is $423.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the company posted $4.48 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Mizuho dropped their price objective on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Oppenheimer decreased their target price on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. UBS Group boosted their target price on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday. Finally, Stifel Nicolaus lowered their target price on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $503.85.

Insider Buying and Selling

In related news, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.16% of the company's stock.

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.