Umpqua Bank Purchases 127 Shares of Adobe Inc. (NASDAQ:ADBE)

Umpqua Bank grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,066 shares of the software company’s stock after acquiring an additional 127 shares during the quarter. Umpqua Bank’s holdings in Adobe were worth $1,588,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Radnor Capital Management LLC acquired a new position in shares of Adobe in the 3rd quarter valued at approximately $220,000. Callahan Advisors LLC raised its position in Adobe by 26.4% during the third quarter. Callahan Advisors LLC now owns 11,185 shares of the software company’s stock valued at $5,791,000 after purchasing an additional 2,339 shares in the last quarter. 1834 Investment Advisors Co. lifted its stake in Adobe by 2.0% during the third quarter. 1834 Investment Advisors Co. now owns 1,997 shares of the software company’s stock worth $1,034,000 after purchasing an additional 40 shares during the last quarter. Catalina Capital Group LLC increased its stake in shares of Adobe by 15.8% in the 3rd quarter. Catalina Capital Group LLC now owns 1,389 shares of the software company’s stock valued at $719,000 after purchasing an additional 190 shares during the last quarter. Finally, Beacon Financial Advisory LLC lifted its position in shares of Adobe by 4.8% during the 3rd quarter. Beacon Financial Advisory LLC now owns 498 shares of the software company’s stock worth $258,000 after buying an additional 23 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research reports. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Finally, Sanford C. Bernstein dropped their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Up 2.7 %

NASDAQ:ADBE traded up $13.12 during trading hours on Wednesday, hitting $499.54. The company had a trading volume of 360,155 shares, compared to its average volume of 3,150,096. The company has a 50-day moving average of $518.98 and a 200 day moving average of $516.41. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $219.90 billion, a P/E ratio of 41.08, a P/E/G ratio of 2.49 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the firm earned $3.26 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. Sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 in the last quarter. Corporate 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.