Norway Savings Bank Acquires New Position in Adobe Inc. (NASDAQ:ADBE)

Norway Savings Bank acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,697 shares of the software company’s stock, valued at approximately $879,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. GAMMA Investing LLC boosted its stake in Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares in the last quarter. Steph & Co. increased its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after acquiring an additional 398 shares during the last quarter. Anchor Investment Management LLC raised its position in Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after purchasing an additional 1,430 shares during the last quarter. Finally, Choreo LLC raised its holdings in Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,078 shares of company stock valued at $16,700,246 over the last ninety days. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 0.1 %

ADBE traded down $0.34 during trading on Tuesday, hitting $509.31. 1,497,726 shares of the company’s stock were exchanged, compared to its average volume of 3,221,372. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market cap of $225.83 billion, a P/E ratio of 45.87, a PEG ratio of 2.55 and a beta of 1.29. The business’s 50 day moving average is $537.29 and its two-hundred day moving average is $515.92. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBEGet Free Report) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the firm posted $3.26 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent research reports. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Tuesday. Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Bank of America reiterated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Finally, UBS Group reduced their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

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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.

See Also

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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