Trust Co. of Toledo NA OH Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Trust Co. of Toledo NA OH grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 3,244 shares of the software company’s stock after buying an additional 151 shares during the period. Trust Co. of Toledo NA OH’s holdings in Adobe were worth $1,680,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in ADBE. Tradewinds Capital Management LLC lifted its position in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe in the second quarter worth $33,000. Steph & Co. raised its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe in the second quarter worth $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, CAO Mark S. Garfield sold 151 shares of Adobe 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 completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 151 shares of Adobe 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 completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,759 shares of company stock worth $17,642,653. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ADBE shares. Mizuho reiterated a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Wells Fargo & Company increased their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. KeyCorp raised their price target on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Finally, Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

Shares of ADBE opened at $505.81 on Thursday. 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 Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a 50-day simple moving average of $543.02 and a two-hundred day simple moving average of $516.45. The firm has a market capitalization of $224.28 billion, a PE ratio of 45.45, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the business posted $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 14.79 EPS for the current fiscal 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.