Rockland Trust Co. Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Rockland Trust Co. boosted its position in Adobe Inc. (NASDAQ:ADBE) by 8.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,157 shares of the software company’s stock after acquiring 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 reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Private Client Services LLC lifted its position in shares of Adobe by 10.0% in the 3rd quarter. Private Client Services LLC now owns 3,642 shares of the software company’s stock worth $1,886,000 after purchasing an additional 331 shares during the period. Apella Capital LLC lifted its position in Adobe by 6.2% during the third quarter. Apella Capital LLC now owns 631 shares of the software company’s stock valued at $319,000 after buying an additional 37 shares during the period. Canandaigua National Bank & Trust Co. boosted its stake 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 acquiring an additional 685 shares in the last quarter. Unique Wealth LLC boosted its position in shares of Adobe by 17.0% in the 3rd quarter. Unique Wealth LLC now owns 3,526 shares of the software company’s stock worth $1,826,000 after purchasing an additional 512 shares in the last quarter. Finally, Czech National Bank increased its position in Adobe by 5.8% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

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 completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is owned by company insiders.

Adobe Price Performance

Shares of ADBE traded up $3.42 during mid-day trading on Friday, reaching $507.22. The stock had a trading volume of 1,949,994 shares, compared to its average volume of 3,224,393. The firm has a market cap of $224.90 billion, a price-to-earnings ratio of 45.57, a PEG ratio of 2.72 and a beta of 1.29. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The business has a fifty day moving average of $541.74 and a 200 day moving average of $516.31. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11.

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

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent analyst reports. TD Cowen lowered their price target on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Barclays boosted their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Citigroup upped their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Finally, Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.