Texas Capital Bank Wealth Management Services Inc Has $422,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Texas Capital Bank Wealth Management Services Inc cut its stake in Adobe Inc. (NASDAQ:ADBE) by 5.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 815 shares of the software company’s stock after selling 47 shares during the quarter. Texas Capital Bank Wealth Management Services Inc’s holdings in Adobe were worth $422,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Capital Investment Advisors LLC lifted its stake in shares of Adobe by 14.4% in the 2nd quarter. Capital Investment Advisors LLC now owns 5,589 shares of the software company’s stock valued at $3,105,000 after purchasing an additional 702 shares during the period. Lion Street Advisors LLC lifted its stake in shares of Adobe by 5.8% in the 2nd quarter. Lion Street Advisors LLC now owns 547 shares of the software company’s stock valued at $304,000 after purchasing an additional 30 shares during the period. Webster Bank N. A. raised its stake in Adobe by 13.7% during the 2nd quarter. Webster Bank N. A. now owns 216 shares of the software company’s stock worth $120,000 after buying an additional 26 shares during the period. Sax Wealth Advisors LLC acquired a new stake in Adobe during the 2nd quarter worth $219,000. Finally, Wolff Wiese Magana LLC raised its stake in Adobe by 3.8% during the 2nd quarter. Wolff Wiese Magana LLC now owns 1,121 shares of the software company’s stock worth $623,000 after buying an additional 41 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were 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 owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last quarter. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADBE. Bank of America reissued a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Thursday. UBS Group decreased their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Finally, Sanford C. Bernstein decreased their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $601.25.

Adobe Stock Performance

Shares of Adobe stock opened at $538.22 on Friday. The company has a quick ratio of 1.11, 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 has a market cap of $236.92 billion, a price-to-earnings ratio of 45.46, a P/E/G ratio of 2.35 and a beta of 1.29. The company’s fifty day moving average is $503.45 and its 200 day moving average is $521.19.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS 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 business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.26 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Adobe Profile

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.