356 Shares in Adobe Inc. (NASDAQ:ADBE) Purchased by Hilltop National Bank

Hilltop National Bank acquired a new position in Adobe Inc. (NASDAQ:ADBE) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 356 shares of the software company’s stock, valued at approximately $180,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Raleigh Capital Management Inc. grew its position in shares of Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after buying an additional 17 shares during the period. Lantz Financial LLC grew its position in shares of Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after buying an additional 17 shares during the period. B & T Capital Management DBA Alpha Capital Management grew its position in shares of Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after buying an additional 17 shares during the period. Evolution Advisers Inc. grew its position in shares of Adobe by 14.3% during the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after buying an additional 17 shares during the period. Finally, Sound View Wealth Advisors Group LLC grew its position in shares of Adobe by 2.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after buying an additional 17 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ADBE shares. Melius Research restated a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. UBS Group cut their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $570.00 to $580.00 in a report on Friday, June 14th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $603.33.

Adobe Stock Performance

Shares of ADBE stock traded up $1.42 during trading on Friday, reaching $559.05. 2,013,985 shares of the company’s stock were exchanged, compared to its average volume of 3,944,946. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $247.88 billion, a PE ratio of 50.23, a PEG ratio of 2.91 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm’s fifty day moving average price is $503.70 and its 200-day moving average price is $533.11.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.04 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 28,270 shares of company stock valued at $15,165,916 in the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

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.