Zions Bancorporation N.A. Has $4.22 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Zions Bancorporation N.A. lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,146 shares of the software company’s stock after buying an additional 399 shares during the quarter. Zions Bancorporation N.A.’s holdings in Adobe were worth $4,218,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ADBE. Piscataqua Savings Bank grew its holdings in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 2nd quarter valued at about $33,000. Lynx Investment Advisory bought a new stake in Adobe in the 2nd quarter valued at about $39,000. Hobbs Group Advisors LLC bought a new stake in Adobe in the 2nd quarter valued at about $39,000. Finally, Highline Wealth Partners LLC acquired a new position in Adobe during the 3rd quarter worth approximately $38,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several research reports. Oppenheimer restated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Sanford C. Bernstein cut their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, Barclays raised their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Activity

In other Adobe news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. 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. In other news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, 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. Over the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by insiders.

Adobe Stock Up 1.2 %

Shares of NASDAQ ADBE opened at $532.50 on Thursday. The business has a 50-day moving average of $511.75 and a 200-day moving average of $517.67. The firm has a market capitalization of $234.41 billion, a price-to-earnings ratio of 44.97, a PEG ratio of 2.71 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (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 company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the business earned $3.26 earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share 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.