Northwest Bancshares Inc. Has $700,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Northwest Bancshares Inc. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.5% in the third quarter, Holdings Channel reports. The firm owned 1,352 shares of the software company’s stock after selling 35 shares during the period. Northwest Bancshares Inc.’s holdings in Adobe were worth $700,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Piscataqua Savings Bank grew its stake in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the third quarter valued at about $30,000. Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter worth about $33,000. Highline Wealth Partners LLC acquired a new position in shares of Adobe during the 3rd quarter worth about $38,000. Finally, Lynx Investment Advisory bought a new stake in Adobe during the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ADBE shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. UBS Group cut their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays lifted 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. 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 0.0 %

Shares of ADBE opened at $499.61 on Wednesday. The company has a market capitalization of $219.93 billion, a P/E ratio of 42.20, a PEG ratio of 2.59 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The business’s 50 day simple moving average is $506.89 and its 200-day simple moving average is $518.95. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.26 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Adobe Company 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.