Rockland Trust Co. Buys 92 Shares of Adobe Inc. (NASDAQ:ADBE)

Rockland Trust Co. boosted its position in Adobe Inc. (NASDAQ:ADBE) by 8.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,157 shares of the software company’s stock after buying an additional 92 shares during the period. Rockland Trust Co.’s holdings in Adobe were worth $599,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Private Client Services LLC increased its holdings in shares of Adobe by 10.0% during the third quarter. Private Client Services LLC now owns 3,642 shares of the software company’s stock valued at $1,886,000 after acquiring an additional 331 shares in the last quarter. Apella Capital LLC increased its stake in Adobe by 6.2% during the 3rd quarter. Apella Capital LLC now owns 631 shares of the software company’s stock valued at $319,000 after purchasing an additional 37 shares in the last quarter. Canandaigua National Bank & Trust Co. raised its holdings in Adobe by 10.8% during the third quarter. Canandaigua National Bank & Trust Co. now owns 7,005 shares of the software company’s stock worth $3,627,000 after buying an additional 685 shares during the last quarter. Unique Wealth LLC lifted its stake in shares of Adobe by 17.0% in the third quarter. Unique Wealth LLC now owns 3,526 shares of the software company’s stock valued at $1,826,000 after buying an additional 512 shares in the last quarter. Finally, Czech National Bank grew its holdings in shares of Adobe by 5.8% during the third quarter. Czech National Bank now owns 90,325 shares of the software company’s stock valued at $46,768,000 after buying an additional 4,954 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ADBE shares. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, Evercore ISI reissued an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Adobe stock traded up $3.42 during midday trading on Friday, reaching $507.22. 1,949,994 shares of the stock were exchanged, compared to its average volume of 3,224,393. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. The firm has a market cap of $224.90 billion, a PE ratio of 45.57, a PEG ratio of 2.72 and a beta of 1.29. The company’s fifty day moving average is $541.74 and its 200-day moving average is $516.31.

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

Insider Activity at Adobe

In other Adobe news, 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 transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock valued at $17,642,653 over the last three months. 0.15% of the stock is owned by corporate insiders.

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.