Sanibel Captiva Trust Company Inc. Increases Position in Adobe Inc. (NASDAQ:ADBE)

Sanibel Captiva Trust Company Inc. boosted its position in Adobe Inc. (NASDAQ:ADBE) by 0.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 35,231 shares of the software company’s stock after acquiring an additional 160 shares during the period. Sanibel Captiva Trust Company Inc.’s holdings in Adobe were worth $18,242,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in ADBE. Marcum Wealth LLC boosted its position in shares of Adobe by 4.4% in the third quarter. Marcum Wealth LLC now owns 1,152 shares of the software company’s stock worth $596,000 after acquiring an additional 49 shares during the last quarter. Abner Herrman & Brock LLC grew its stake in shares of Adobe by 3.1% during the 3rd quarter. Abner Herrman & Brock LLC now owns 31,310 shares of the software company’s stock valued at $16,212,000 after buying an additional 932 shares during the period. CWM LLC boosted its holdings in Adobe by 7.9% in the third quarter. CWM LLC now owns 42,449 shares of the software company’s stock valued at $21,979,000 after acquiring an additional 3,097 shares during the last quarter. Daymark Wealth Partners LLC increased its stake in Adobe by 0.3% during the third quarter. Daymark Wealth Partners LLC now owns 9,142 shares of the software company’s stock worth $4,734,000 after acquiring an additional 24 shares during the last quarter. Finally, Peddock Capital Advisors LLC lifted its stake in shares of Adobe by 20.6% in the 3rd quarter. Peddock Capital Advisors LLC now owns 913 shares of the software company’s stock valued at $473,000 after purchasing an additional 156 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock worth $17,642,653 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.4 %

Shares of Adobe stock opened at $494.08 on Thursday. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a market capitalization of $219.08 billion, a P/E ratio of 44.39, a PEG ratio of 2.72 and a beta of 1.29. The business’s fifty day moving average price is $539.91 and its two-hundred day moving average price is $516.07. 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 issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.26 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 14.79 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently commented on ADBE shares. BMO Capital Markets raised their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Citigroup lifted their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Wells Fargo & Company raised their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Finally, Robert W. Baird upped their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

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.