Citizens Financial Group Inc. RI Buys 2,299 Shares of Adobe Inc. (NASDAQ:ADBE)

Citizens Financial Group Inc. RI raised its stake in Adobe Inc. (NASDAQ:ADBE) by 10.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,449 shares of the software company’s stock after buying an additional 2,299 shares during the period. Citizens Financial Group Inc. RI’s holdings in Adobe were worth $13,582,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ADBE. Onyx Bridge Wealth Group LLC boosted its stake in shares of Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank lifted its stake in shares of Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares during the last quarter. Visionary Wealth Advisors boosted its holdings in Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after acquiring an additional 20 shares during the period. Orrstown Financial Services Inc. increased 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 valued at $1,257,000 after purchasing an additional 20 shares during the period. Finally, Orser Capital Management LLC lifted its position in shares of Adobe by 0.3% in 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.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. BMO Capital Markets lifted their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday. Wells Fargo & Company upped their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Friday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.58.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $536.87 on Monday. The firm has a 50 day moving average of $553.76 and a 200 day moving average of $519.73. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results 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 business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.26 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Activity at Adobe

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

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.