Gemmer Asset Management LLC Purchases 57 Shares of Adobe Inc. (NASDAQ:ADBE)

Gemmer Asset Management LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 0.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,917 shares of the software company’s stock after acquiring an additional 57 shares during the quarter. Gemmer Asset Management LLC’s holdings in Adobe were worth $7,206,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Piscataqua Savings Bank lifted its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. Tradewinds Capital Management LLC lifted its position in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC lifted its position 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 stake in Adobe during the second quarter valued at approximately $33,000. Finally, Lynx Investment Advisory bought a new stake in Adobe during the second quarter valued at approximately $39,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $484.66 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market cap of $214.90 billion, a PE ratio of 43.55, a P/E/G ratio of 2.55 and a beta of 1.29. The business has a 50-day simple moving average of $530.03 and a two-hundred day simple moving average of $515.96.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.26 EPS. As a group, equities analysts expect that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ADBE shares. Stifel Nicolaus boosted their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Citigroup boosted their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s 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 directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is owned by insiders.

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.