Moody National Bank Trust Division Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Moody National Bank Trust Division raised its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,460 shares of the software company’s stock after purchasing an additional 60 shares during the period. Moody National Bank Trust Division’s holdings in Adobe were worth $2,755,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Claret Asset Management Corp bought a new stake in shares of Adobe in the 3rd quarter worth about $203,000. Robertson Stephens Wealth Management LLC lifted its stake in Adobe by 5.1% in the third quarter. Robertson Stephens Wealth Management LLC now owns 4,197 shares of the software company’s stock worth $2,140,000 after purchasing an additional 205 shares during the last quarter. Chiron Investment Management LLC boosted its position in shares of Adobe by 1,193.4% during the third quarter. Chiron Investment Management LLC now owns 7,295 shares of the software company’s stock valued at $3,720,000 after buying an additional 6,731 shares during the period. Aigen Investment Management LP grew its stake in shares of Adobe by 328.6% during the third quarter. Aigen Investment Management LP now owns 4,127 shares of the software company’s stock valued at $2,104,000 after buying an additional 3,164 shares during the last quarter. Finally, Stokes Family Office LLC raised its holdings in shares of Adobe by 17.2% in the third quarter. Stokes Family Office LLC now owns 551 shares of the software company’s stock worth $281,000 after buying an additional 81 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ADBE shares. StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, June 12th. UBS Group reduced their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Oppenheimer reissued an “outperform” rating and issued a $580.00 price objective on shares of Adobe in a research report on Friday, June 14th. KeyCorp raised their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Finally, JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $570.00 to $580.00 in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Check Out Our Latest Research Report on Adobe

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,270 shares of company stock worth $1,563,166. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE stock traded up $3.51 during midday trading on Wednesday, reaching $522.25. The stock had a trading volume of 4,225,943 shares, compared to its average volume of 4,174,944. The firm has a fifty day simple moving average of $475.91 and a two-hundred day simple moving average of $538.80. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The stock has a market cap of $233.97 billion, a PE ratio of 46.92, a P/E/G ratio of 2.72 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the business posted $3.04 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Adobe Inc. will post 14.65 EPS for the current year.

Adobe declared that its Board of Directors has authorized a share repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Adobe Profile

(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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