Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Legacy Private Trust Co.

Legacy Private Trust Co. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,918 shares of the software company’s stock after purchasing an additional 155 shares during the period. Legacy Private Trust Co.’s holdings in Adobe were worth $3,064,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Westwood Holdings Group Inc. boosted its stake in Adobe by 18.4% in the fourth quarter. Westwood Holdings Group Inc. now owns 3,372 shares of the software company’s stock valued at $2,012,000 after acquiring an additional 525 shares in the last quarter. XML Financial LLC acquired a new position in Adobe in the fourth quarter valued at $224,000. Cresset Asset Management LLC boosted its stake in Adobe by 2.6% in the fourth quarter. Cresset Asset Management LLC now owns 60,145 shares of the software company’s stock valued at $35,883,000 after acquiring an additional 1,500 shares in the last quarter. Nomura Holdings Inc. boosted its stake in Adobe by 222.4% in the fourth quarter. Nomura Holdings Inc. now owns 13,328 shares of the software company’s stock valued at $7,951,000 after acquiring an additional 9,194 shares in the last quarter. Finally, Visionary Wealth Advisors raised its holdings in shares of Adobe by 1.0% in the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after buying an additional 20 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their position. 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 business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. 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 three months, insiders sold 33,759 shares of company stock valued at $17,642,653. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on ADBE. Sanford C. Bernstein reduced their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Oppenheimer reissued an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Finally, TD Cowen cut their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Up 1.0 %

Shares of ADBE stock traded up $4.64 during mid-day trading on Tuesday, reaching $491.94. The company’s stock had a trading volume of 289,997 shares, compared to its average volume of 3,217,760. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $218.13 billion, a PE ratio of 43.78, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company’s 50 day simple moving average is $541.74 and its 200-day simple moving average is $516.26.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $3.26 EPS. On average, research analysts predict 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.