Community Bank N.A. increased its position in Adobe Inc (NASDAQ:ADBE) by 562.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,324 shares of the software company’s stock after buying an additional 1,124 shares during the quarter. Community Bank N.A.’s holdings in Adobe were worth $576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Copper Rock Capital Partners LLC boosted its holdings in Adobe by 6,598.7% in the second quarter. Copper Rock Capital Partners LLC now owns 2,769,030 shares of the software company’s stock valued at $1,024,851,000 after acquiring an additional 2,727,693 shares in the last quarter. BlackRock Inc. increased its position in Adobe by 6.5% in the first quarter. BlackRock Inc. now owns 36,445,773 shares of the software company’s stock worth $11,598,502,000 after buying an additional 2,219,627 shares in the last quarter. Akre Capital Management LLC bought a new position in shares of Adobe in the first quarter worth about $362,794,000. Fisher Asset Management LLC lifted its position in shares of Adobe by 24.3% during the 1st quarter. Fisher Asset Management LLC now owns 5,131,883 shares of the software company’s stock valued at $1,633,171,000 after buying an additional 1,003,724 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Adobe by 336.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 831,127 shares of the software company’s stock valued at $264,498,000 after acquiring an additional 640,483 shares during the period. 84.20% of the stock is owned by institutional investors and hedge funds.
Several brokerages have weighed in on ADBE. Stifel Nicolaus lifted their price target on shares of Adobe from $325.00 to $426.00 in a report on Friday, June 12th. UBS Group lifted their target price on shares of Adobe from $344.00 to $450.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Morgan Stanley raised their price target on Adobe from $375.00 to $450.00 and gave the company an “overweight” rating in a report on Friday, June 12th. BMO Capital Markets boosted their price objective on Adobe from $375.00 to $440.00 and gave the company an “outperform” rating in a research report on Friday, June 12th. Finally, Barclays reiterated a “buy” rating and set a $450.00 target price on shares of Adobe in a research report on Wednesday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Adobe has an average rating of “Buy” and an average price target of $407.43.
In related news, EVP Bryan Lamkin sold 13,094 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $427.66, for a total transaction of $5,599,780.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 10,000 shares of the company’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $438.10, for a total value of $4,381,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 73,316 shares of company stock valued at $31,271,310. 0.31% of the stock is owned by corporate insiders.
Shares of NASDAQ ADBE traded up $5.44 during trading hours on Friday, hitting $444.32. 2,035,254 shares of the company traded hands, compared to its average volume of 2,376,558. The company’s 50 day moving average price is $434.17 and its 200 day moving average price is $370.59. Adobe Inc has a 12 month low of $255.13 and a 12 month high of $470.61. The stock has a market capitalization of $213.13 billion, a price-to-earnings ratio of 58.62, a price-to-earnings-growth ratio of 3.45 and a beta of 0.93. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.38.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 11th. The software company reported $2.45 EPS for the quarter, topping the consensus estimate of $2.33 by $0.12. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The company had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same period in the previous year, the firm earned $1.83 earnings per share. Adobe’s quarterly revenue was up 14.1% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc will post 8.05 EPS for the current year.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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