Montecito Bank & Trust Buys 831 Shares of Adobe Inc. (NASDAQ:ADBE)

Montecito Bank & Trust grew its position in Adobe Inc. (NASDAQ:ADBE) by 34.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 3,212 shares of the software company’s stock after buying an additional 831 shares during the period. Montecito Bank & Trust’s holdings in Adobe were worth $1,663,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Piscataqua Savings Bank grew its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. Summit Securities Group LLC bought a new stake in shares of Adobe during the 2nd quarter valued at $33,000. Highline Wealth Partners LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $38,000. Lynx Investment Advisory bought a new position in shares of Adobe in the 2nd quarter worth $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Adobe during the second quarter worth $39,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADBE. Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Morgan Stanley reissued an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity

In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade 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 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Up 3.8 %

Shares of ADBE stock opened at $504.83 on Thursday. The stock has a 50 day simple moving average of $517.87 and a 200 day simple moving average of $516.33. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. 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 stock has a market cap of $222.23 billion, a P/E ratio of 42.64, a price-to-earnings-growth ratio of 2.49 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued 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. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business earned $3.26 earnings per share. On average, research analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

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.