Tompkins Financial Corp reduced its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) by 1.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,872 shares of the software company’s stock after selling 193 shares during the period. Tompkins Financial Corp’s holdings in Adobe were worth $5,805,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently made changes to their positions in the stock. State Street Corp raised its holdings in shares of Adobe by 1.5% during the first quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock valued at $7,180,322,000 after acquiring an additional 269,173 shares during the period. Morgan Stanley raised its holdings in shares of Adobe by 17.7% during the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after acquiring an additional 1,471,861 shares during the period. Geode Capital Management LLC increased its stake in Adobe by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 9,507,218 shares of the software company’s stock valued at $3,194,412,000 after buying an additional 123,726 shares during the period. Norges Bank acquired a new position in Adobe in the 4th quarter valued at approximately $1,757,029,000. Finally, Alliancebernstein L.P. increased its stake in Adobe by 0.5% in the 4th quarter. Alliancebernstein L.P. now owns 4,591,503 shares of the software company’s stock valued at $1,545,179,000 after buying an additional 20,678 shares during the period. 80.00% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms have weighed in on ADBE. BMO Capital Markets upped their price objective on shares of Adobe from $600.00 to $640.00 and gave the company an “outperform” rating in a research note on Tuesday, September 12th. Argus boosted their target price on shares of Adobe from $565.00 to $611.00 in a research report on Tuesday. 888 reissued a “maintains” rating on shares of Adobe in a research report on Friday, June 16th. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $510.00 to $660.00 in a research report on Monday, July 31st. Finally, Citigroup boosted their target price on shares of Adobe from $544.00 to $570.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 13th. Nine investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $588.15.
Adobe Stock Up 0.0 %
Shares of ADBE stock traded up $0.15 during trading on Tuesday, reaching $532.57. The company’s stock had a trading volume of 510,296 shares, compared to its average volume of 3,207,219. The business has a fifty day moving average price of $530.08 and a 200-day moving average price of $443.78. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 0.23. The company has a market cap of $242.75 billion, a price-to-earnings ratio of 48.00, a price-to-earnings-growth ratio of 3.17 and a beta of 1.33. Adobe Inc. has a one year low of $274.73 and a one year high of $570.24.
Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The business had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the previous year, the firm posted $2.63 earnings per share. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. Analysts anticipate that Adobe Inc. will post 12.58 earnings per share for the current year.
Insider Activity at Adobe
In related news, CAO Mark S. Garfield sold 298 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,135,930.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 298 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the sale, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,089 shares of company stock worth $20,720,115. Corporate insiders own 0.24% of the company’s stock.
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.
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