Country Trust Bank Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Country Trust Bank grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,194 shares of the software company’s stock after purchasing an additional 5,949 shares during the period. Country Trust Bank’s holdings in Adobe were worth $38,934,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ADBE. XML Financial LLC bought a new position in Adobe in the fourth quarter valued at about $224,000. Nomura Holdings Inc. boosted its stake in shares of Adobe by 222.4% during the 4th quarter. Nomura Holdings Inc. now owns 13,328 shares of the software company’s stock worth $7,951,000 after acquiring an additional 9,194 shares during the last quarter. Visionary Wealth Advisors grew its position in shares of Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after acquiring an additional 20 shares during the period. Ethic Inc. lifted its position in Adobe by 6.6% during the fourth quarter. Ethic Inc. now owns 39,128 shares of the software company’s stock valued at $23,344,000 after purchasing an additional 2,438 shares in the last quarter. Finally, Putnam Investments LLC raised its stake in shares of Adobe by 41.2% in the fourth quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock worth $628,473,000 after buying an additional 307,479 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ADBE. Wells Fargo & Company increased their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. UBS Group lowered their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Citigroup increased their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Finally, Barclays increased their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Up 1.8 %

Shares of ADBE stock opened at $496.24 on Wednesday. The stock’s fifty day moving average price is $540.76 and its 200 day moving average price is $516.09. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a market cap of $220.03 billion, a price-to-earnings ratio of 44.59, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last released 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the business earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is owned by company insiders.

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.