Harbour Trust & Investment Management Co Buys 1,426 Shares of Adobe Inc. (NASDAQ:ADBE)

Harbour Trust & Investment Management Co boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 7.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 20,013 shares of the software company’s stock after purchasing an additional 1,426 shares during the period. Adobe makes up 1.2% of Harbour Trust & Investment Management Co’s portfolio, making the stock its 25th largest position. Harbour Trust & Investment Management Co’s holdings in Adobe were worth $10,362,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% during 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. Tradewinds Capital Management LLC raised its stake in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC lifted its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in Adobe during the second quarter worth about $33,000. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe in the second quarter worth about $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 0.4 %

Shares of NASDAQ ADBE opened at $482.87 on Friday. The stock has a market capitalization of $214.10 billion, a P/E ratio of 43.38, a PEG ratio of 2.55 and a beta of 1.29. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm’s 50 day simple moving average is $532.85 and its two-hundred day simple moving average is $515.83. 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 released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate 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 net margin of 25.59% and a return on equity of 42.82%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.26 EPS. As a group, analysts expect that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on ADBE shares. UBS Group dropped their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Piper Sandler reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned 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.com, the company presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity

In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction 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 approximately $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the company’s 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 of the company’s stock, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,030 shares of company stock valued at $17,176,005. Insiders own 0.15% of the company’s stock.

About Adobe

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.