Peoples Financial Services CORP. Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Peoples Financial Services CORP. lifted its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 10.0% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,468 shares of the software company’s stock after buying an additional 314 shares during the quarter. Peoples Financial Services CORP.’s holdings in Adobe were worth $1,696,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ADBE. NewSquare Capital LLC lifted its stake in Adobe by 278.9% in the 1st quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after purchasing an additional 53 shares in the last quarter. Financial Freedom LLC purchased a new stake in Adobe in the 4th quarter worth $29,000. Financial Management Professionals Inc. lifted its stake in Adobe by 171.0% in the 1st quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after purchasing an additional 53 shares in the last quarter. Independence Bank of Kentucky lifted its stake in Adobe by 209.1% in the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after purchasing an additional 46 shares in the last quarter. Finally, Fortis Capital Advisors LLC purchased a new stake in Adobe in the 4th quarter worth $35,000. Hedge funds and other institutional investors own 80.00% of the company’s stock.

Insider Transactions at Adobe

In other news, EVP Dana Rao sold 2,600 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $480.21, for a total value of $1,248,546.00. Following the completion of the sale, the executive vice president now owns 17,466 shares of the company’s stock, valued at approximately $8,387,347.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Dana Rao sold 2,600 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the completion of the sale, the executive vice president now owns 17,466 shares of the company’s stock, valued at $8,387,347.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 298 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction of $156,968.52. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,089 shares of company stock valued at $20,720,115. Company insiders own 0.24% of the company’s stock.

Adobe Stock Down 4.2 %

Shares of ADBE traded down $23.27 during mid-day trading on Friday, hitting $528.89. The company’s stock had a trading volume of 9,774,477 shares, compared to its average volume of 3,226,019. The company’s 50-day moving average is $530.08 and its 200-day moving average is $442.94. Adobe Inc. has a 52-week low of $274.73 and a 52-week high of $570.24. The firm has a market capitalization of $241.07 billion, a price-to-earnings ratio of 50.47, a PEG ratio of 3.32 and a beta of 1.33. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.24.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.98 by $0.11. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The firm had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter in the prior year, the company earned $2.63 EPS. The company’s revenue was up 10.3% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 12.56 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on ADBE shares. JPMorgan Chase & Co. boosted their target price on shares of Adobe from $490.00 to $530.00 and gave the stock a “neutral” rating in a report on Wednesday. Atlantic Securities boosted their target price on shares of Adobe from $420.00 to $580.00 in a report on Friday, June 16th. 888 restated a “maintains” rating on shares of Adobe in a report on Friday, June 16th. Morgan Stanley upgraded shares of Adobe from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $510.00 to $660.00 in a report on Monday, July 31st. Finally, StockNews.com started coverage on shares of Adobe in a report on Thursday, August 17th. They issued a “buy” rating on the stock. Nine investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $586.38.

View Our Latest Stock Analysis on ADBE

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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