Adobe Inc. (NASDAQ:ADBE) Shares Bought by Argent Trust Co

Argent Trust Co raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 13,149 shares of the software company’s stock after acquiring an additional 850 shares during the period. Argent Trust Co’s holdings in Adobe were worth $7,305,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Onyx Bridge Wealth Group LLC boosted its position in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares during the period. HTLF Bank boosted its position in Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares during the period. Visionary Wealth Advisors boosted its position in Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after purchasing an additional 20 shares during the period. Orrstown Financial Services Inc. boosted its position in Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares during the period. Finally, Orser Capital Management LLC boosted its position in Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after purchasing an additional 20 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,259 shares of company stock worth $14,855,543. 0.15% of the stock is owned by company insiders.

Adobe Price Performance

ADBE opened at $515.03 on Wednesday. The firm has a market cap of $228.36 billion, a price-to-earnings ratio of 46.27, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company’s 50-day moving average price is $551.66 and its 200 day moving average price is $519.07. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

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, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.26 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on ADBE shares. Citigroup upped their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. KeyCorp upped their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $606.58.

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.