Legacy Private Trust Co. Buys 699 Shares of Adobe Inc. (NASDAQ:ADBE)

Legacy Private Trust Co. raised its stake in Adobe Inc. (NASDAQ:ADBEFree Report) by 13.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,756 shares of the software company’s stock after acquiring an additional 699 shares during the period. Legacy Private Trust Co.’s holdings in Adobe were worth $2,815,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Indiana Trust & Investment Management CO bought a new position in shares of Adobe during the second quarter valued at $1,437,000. Nordea Investment Management AB raised its stake in shares of Adobe by 36.0% in the second quarter. Nordea Investment Management AB now owns 2,543,994 shares of the software company’s stock worth $1,241,596,000 after buying an additional 673,792 shares during the period. Independence Bank of Kentucky lifted its holdings in Adobe by 209.1% during the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock valued at $33,000 after purchasing an additional 46 shares in the last quarter. Sterling Group Wealth Management LLC bought a new position in Adobe in the 2nd quarter worth approximately $217,000. Finally, Abacus Planning Group Inc. bought a new position in shares of Adobe during the 2nd quarter valued at about $201,000. 80.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. StockNews.com assumed coverage on Adobe in a research note on Thursday, August 17th. They issued a “buy” rating on the stock. Piper Sandler increased their price objective on shares of Adobe from $572.00 to $650.00 in a research report on Friday. Citigroup boosted their price objective on Adobe from $544.00 to $570.00 and gave the stock a “neutral” rating in a research note on Wednesday. Wolfe Research boosted their price objective on shares of Adobe from $580.00 to $650.00 in a research report on Friday. Finally, JPMorgan Chase & Co. increased their price target on Adobe from $490.00 to $530.00 and gave the stock a “neutral” rating in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $567.18.

View Our Latest Research Report on Adobe

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,135,930.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total value of $16,731,050.00. Following the completion of the sale, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Insiders have sold 43,089 shares of company stock valued at $20,720,115 over the last ninety days. 0.24% of the stock is currently owned by insiders.

Adobe Stock Down 4.7 %

Adobe stock traded down $26.22 during midday trading on Friday, reaching $525.94. The company’s stock had a trading volume of 3,666,070 shares, compared to its average volume of 3,189,239. Adobe Inc. has a 52-week low of $274.73 and a 52-week high of $570.24. The stock has a market capitalization of $239.72 billion, a P/E ratio of 50.83, a PEG ratio of 3.32 and a beta of 1.33. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.16. The stock’s 50-day simple moving average is $527.79 and its 200-day simple moving average is $439.90.

Adobe (NASDAQ:ADBEGet Free Report) last released its earnings results on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The company had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same period last year, the business earned $2.63 EPS. Adobe’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 12.56 EPS for the current year.

About Adobe

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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