Grove Bank & Trust Acquires 1,637 Shares of Adobe Inc. (NASDAQ:ADBE)

Grove Bank & Trust lifted its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 29.1% in the third quarter, HoldingsChannel reports. The fund owned 7,270 shares of the software company’s stock after buying an additional 1,637 shares during the period. Grove Bank & Trust’s holdings in Adobe were worth $3,764,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ADBE. Onyx Bridge Wealth Group LLC grew its stake in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank increased its stake in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after buying an additional 19 shares during the period. Commonwealth Financial Services LLC raised its holdings in Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after acquiring an additional 19 shares in the last quarter. Orrstown Financial Services Inc. lifted its stake in Adobe by 0.9% in the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after acquiring an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC grew its holdings in Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after acquiring an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on 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 directly 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 disclosure for this sale can be found here. Insiders sold 32,229 shares of company stock worth $16,785,501 in the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE stock traded up $14.26 during trading on Monday, reaching $509.68. 1,506,454 shares of the company were exchanged, compared to its average volume of 3,220,456. 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 1.11 and a current ratio of 1.11. The company has a market cap of $225.99 billion, a P/E ratio of 45.87, a PEG ratio of 2.55 and a beta of 1.29. The stock’s 50 day moving average price is $537.29 and its 200 day moving average price is $515.88.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for 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 business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.26 EPS. As a group, analysts predict that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of analyst reports. UBS Group lowered their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Read Our Latest Stock Report on Adobe

Adobe Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBEFree Report).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.