US Bancorp DE Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

US Bancorp DE raised its position in Adobe Inc. (NASDAQ:ADBE) by 0.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 250,937 shares of the software company’s stock after purchasing an additional 1,508 shares during the period. US Bancorp DE’s holdings in Adobe were worth $129,930,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. Piscataqua Savings Bank increased its holdings in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. Salomon & Ludwin LLC increased its stake in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 2nd quarter worth approximately $33,000. Highline Wealth Partners LLC bought a new stake in shares of Adobe in the 3rd quarter worth approximately $38,000. Finally, Lynx Investment Advisory bought a new position in Adobe during the second quarter valued at $39,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ADBE. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein dropped their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

NASDAQ ADBE traded down $7.44 during trading hours on Thursday, reaching $479.24. 573,756 shares of the stock traded hands, compared to its average volume of 3,166,020. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a 50 day simple moving average of $525.27 and a two-hundred day simple moving average of $515.81. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a market cap of $212.50 billion, a price-to-earnings ratio of 43.31, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $3.26 EPS. On average, analysts predict that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. 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, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,511 shares of company stock worth $17,408,530. 0.15% of the stock is currently owned by 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.