Burke & Herbert Bank & Trust Co. Has $256,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Burke & Herbert Bank & Trust Co. cut its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 15.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 524 shares of the software company’s stock after selling 99 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Adobe were worth $256,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. State Street Corp increased its holdings in shares of Adobe by 1.5% during the first quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock worth $7,180,322,000 after buying an additional 269,173 shares in the last quarter. Morgan Stanley increased its holdings in shares of Adobe by 17.7% during the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after buying an additional 1,471,861 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Adobe by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 9,507,218 shares of the software company’s stock worth $3,194,412,000 after buying an additional 123,726 shares in the last quarter. Norges Bank acquired a new position in shares of Adobe during the fourth quarter worth $1,757,029,000. Finally, Alliancebernstein L.P. increased its holdings in shares of Adobe by 0.5% during the fourth quarter. Alliancebernstein L.P. now owns 4,591,503 shares of the software company’s stock worth $1,545,179,000 after buying an additional 20,678 shares in the last quarter. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of ADBE stock traded up $3.82 during trading hours on Monday, hitting $532.71. 1,351,858 shares of the company were exchanged, compared to its average volume of 3,215,349. The firm has a fifty day simple moving average of $530.08 and a 200 day simple moving average of $443.78. 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 Inc. has a 52-week low of $274.73 and a 52-week high of $570.24. The stock has a market capitalization of $242.81 billion, a price-to-earnings ratio of 48.02, a P/E/G ratio of 3.31 and a beta of 1.33.

Adobe (NASDAQ:ADBEGet Free Report) last issued its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.98 by $0.11. The company had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 38.66%. Adobe’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.63 EPS. Research analysts predict that Adobe Inc. will post 12.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ADBE. Citigroup boosted their price objective on shares of Adobe from $544.00 to $570.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 13th. Piper Jaffray Companies upped their price target on shares of Adobe from $500.00 to $572.00 and gave the company an “overweight” rating in a research report on Friday, June 16th. TheStreet raised shares of Adobe from a “c+” rating to a “b-” rating in a research report on Wednesday, June 21st. JPMorgan Chase & Co. upped their price target on shares of Adobe from $490.00 to $530.00 and gave the company a “neutral” rating in a research report on Wednesday, September 13th. Finally, Argus upped their price target on shares of Adobe from $410.00 to $565.00 in a research report on Wednesday, June 21st. Nine investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $586.38.

View Our Latest Analysis on ADBE

Insider Buying and Selling

In related news, EVP Dana Rao sold 2,600 shares of the firm’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 transaction, the executive vice president now directly owns 17,466 shares of the company’s stock, valued at approximately $8,387,347.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Dana Rao sold 2,600 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 17,466 shares of the company’s stock, valued at $8,387,347.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,089 shares of company stock valued at $20,720,115. Company insiders own 0.24% of the company’s stock.

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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