FARMERS & MERCHANTS TRUST Co OF LONG BEACH Grows Stake in Adobe Inc. (NASDAQ:ADBE)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 1.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,753 shares of the software company’s stock after buying an additional 204 shares during the quarter. Adobe makes up approximately 1.7% of FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s portfolio, making the stock its 13th largest holding. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Adobe were worth $6,529,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Vise Technologies Inc. grew its stake in Adobe by 267.3% during the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after acquiring an additional 5,654 shares in the last quarter. Steph & Co. grew its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. International Assets Investment Management LLC lifted its position in Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after buying an additional 398 shares in the last quarter. Choreo LLC boosted its stake in Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after buying an additional 197 shares during the last quarter. Finally, Eagle Asset Management Inc. grew its holdings in Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after buying an additional 3,120 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADBE has been the topic of several recent research reports. Piper Sandler lowered their price target on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 price target on shares of Adobe in a report on Thursday, August 1st. Robert W. Baird upped their price objective on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Finally, Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $605.52.

Adobe Stock Up 1.1 %

Shares of NASDAQ ADBE opened at $569.88 on Tuesday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock has a market cap of $252.68 billion, a P/E ratio of 51.20, a PEG ratio of 2.94 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The business’s fifty day simple moving average is $553.92 and its 200-day simple moving average is $519.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the company earned $3.04 EPS. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe 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.