Trust Co of Kansas Has $5.69 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Trust Co of Kansas grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,995 shares of the software company’s stock after acquiring an additional 59 shares during the quarter. Adobe accounts for approximately 2.8% of Trust Co of Kansas’ investment portfolio, making the stock its 17th largest position. Trust Co of Kansas’ holdings in Adobe were worth $5,693,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ADBE. Tradewinds Capital Management LLC increased its stake in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC increased its stake in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $33,000. Steph & Co. increased its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new position in shares of Adobe in the second quarter valued at approximately $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were 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 of the company’s stock, valued at approximately $1,579,186.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Stifel Nicolaus upped their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $496.24 on Wednesday. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock’s 50 day moving average is $540.76 and its 200-day moving average is $516.09. The firm has a market capitalization of $220.03 billion, a price-to-earnings ratio of 44.59, a PEG ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the firm earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. Sell-side analysts forecast that Adobe Inc. will post 14.79 EPS for the current fiscal 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.