Citizens & Northern Corp Sells 105 Shares of Adobe Inc. (NASDAQ:ADBE)

Citizens & Northern Corp lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,574 shares of the software company’s stock after selling 105 shares during the period. Citizens & Northern Corp’s holdings in Adobe were worth $1,536,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. HBC Financial Services PLLC acquired a new position in Adobe in the 3rd quarter valued at about $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe in the fourth quarter valued at approximately $35,000. Hanseatic Management Services Inc. bought a new position in shares of Adobe during the third quarter worth approximately $45,000. First Command Advisory Services Inc. acquired a new stake in Adobe during the 3rd quarter worth approximately $52,000. Finally, BKM Wealth Management LLC bought a new stake in Adobe in the 4th quarter valued at $65,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research reports. KeyCorp started coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price for the company. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Stifel Nicolaus reduced their target price on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Activity

In related news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by insiders.

Adobe Trading Down 0.4 %

ADBE traded down $2.06 during trading on Thursday, reaching $481.87. 1,657,325 shares of the company’s stock were exchanged, compared to its average volume of 3,315,194. The firm has a fifty day moving average price of $488.89 and a two-hundred day moving average price of $556.83. The stock has a market capitalization of $215.88 billion, a PE ratio of 46.26, a price-to-earnings-growth ratio of 2.61 and a beta of 1.28. Adobe Inc. has a one year low of $361.72 and a one year high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the company earned $2.97 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has initiated a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.