Berkshire Bank Has $702,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Berkshire Bank increased its position in Adobe Inc. (NASDAQ:ADBE) by 25.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,436 shares of the software company’s stock after purchasing an additional 290 shares during the quarter. Berkshire Bank’s holdings in Adobe were worth $702,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ilmarinen Mutual Pension Insurance Co grew its position in shares of Adobe by 11.1% during the 1st quarter. Ilmarinen Mutual Pension Insurance Co now owns 50,000 shares of the software company’s stock worth $19,269,000 after buying an additional 5,000 shares during the period. Vident Investment Advisory LLC grew its position in shares of Adobe by 585.8% during the 4th quarter. Vident Investment Advisory LLC now owns 70,198 shares of the software company’s stock worth $23,624,000 after buying an additional 59,962 shares during the period. Geo Capital Gestora de Recursos Ltd grew its position in shares of Adobe by 8.5% during the 1st quarter. Geo Capital Gestora de Recursos Ltd now owns 10,433 shares of the software company’s stock worth $4,021,000 after buying an additional 813 shares during the period. Abacus Planning Group Inc. acquired a new position in shares of Adobe during the 2nd quarter worth about $201,000. Finally, Raleigh Capital Management Inc. grew its position in shares of Adobe by 19.3% during the 1st quarter. Raleigh Capital Management Inc. now owns 507 shares of the software company’s stock worth $195,000 after buying an additional 82 shares during the period. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the sale, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Dana Rao sold 2,600 shares of the stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $480.21, for a total value of $1,248,546.00. Following the sale, the executive vice president now owns 17,466 shares in the company, valued at approximately $8,387,347.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 35,000 shares of the 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 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. In the last quarter, insiders have sold 43,089 shares of company stock worth $20,720,115. Company insiders own 0.24% of the company’s stock.

Adobe Trading Up 0.7 %

Shares of Adobe stock opened at $532.42 on Tuesday. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $570.24. The stock has a market cap of $242.68 billion, a P/E ratio of 47.92, a P/E/G ratio of 3.17 and a beta of 1.33. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average is $530.08 and its 200-day moving average is $443.78.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The company had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter in the prior year, the business posted $2.63 EPS. The business’s revenue was up 10.3% compared to the same quarter last year. Equities research analysts predict that Adobe Inc. will post 12.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ADBE. Deutsche Bank Aktiengesellschaft boosted their target price on Adobe from $550.00 to $610.00 and gave the stock a “buy” rating in a research report on Friday. Mizuho reiterated a “buy” rating and issued a $630.00 price objective on shares of Adobe in a research report on Friday. 888 reiterated a “maintains” rating on shares of Adobe in a research report on Friday, June 16th. Citigroup boosted their price objective on Adobe from $544.00 to $570.00 and gave the company a “neutral” rating in a research report on Wednesday, September 13th. Finally, Piper Sandler boosted their price objective on Adobe from $572.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $586.38.

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.