Plimoth Trust Co. LLC Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Plimoth Trust Co. LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,821 shares of the software company’s stock after buying an additional 24 shares during the period. Plimoth Trust Co. LLC’s holdings in Adobe were worth $4,050,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Swedbank AB purchased a new stake in Adobe during the 1st quarter valued at about $621,179,000. Longview Partners Guernsey LTD purchased a new stake in shares of Adobe during the second quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. BlueSpruce Investments LP increased its stake in shares of Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after buying an additional 575,675 shares during the period. Finally, Liberty Wealth Management LLC raised its holdings in Adobe by 55,496.6% during the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after buying an additional 571,615 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,608 shares of company stock valued at $17,486,391 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

NASDAQ ADBE traded up $2.81 during trading hours on Monday, hitting $497.71. The company’s stock had a trading volume of 1,677,394 shares, compared to its average volume of 3,209,250. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $220.68 billion, a P/E ratio of 44.66, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The company’s 50 day simple moving average is $535.45 and its two-hundred day simple moving average is $515.91. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating 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 firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the company earned $3.26 earnings per share. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.