Oakworth Capital Inc. Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

Oakworth Capital Inc. increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 10.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,044 shares of the software company’s stock after purchasing an additional 97 shares during the period. Oakworth Capital Inc.’s holdings in Adobe were worth $541,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares during the period. Anchor Investment Management LLC boosted its position in Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after buying an additional 1,430 shares during the last quarter. Choreo LLC boosted its position in Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares during the last quarter. Fairscale Capital LLC purchased a new position in Adobe in the 2nd quarter valued at about $1,318,000. Finally, Daymark Wealth Partners LLC boosted its position in Adobe by 89.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after buying an additional 4,315 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ADBE. Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 481 shares of the firm’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 $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’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 transaction of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The trade was 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 worth $17,486,391 over the last quarter. 0.15% of the stock is currently owned by company insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $495.26 on Tuesday. The firm’s 50 day moving average is $534.79 and its two-hundred day moving average is $515.99. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a market capitalization of $219.60 billion, a P/E ratio of 44.72, a PEG ratio of 2.55 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business earned $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current 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.