Missouri Trust & Investment Co Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Missouri Trust & Investment Co raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 24.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,550 shares of the software company’s stock after purchasing an additional 509 shares during the period. Missouri Trust & Investment Co’s holdings in Adobe were worth $1,320,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Onyx Bridge Wealth Group LLC lifted its holdings in Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares during the last quarter. HTLF Bank lifted its holdings 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 purchasing an additional 19 shares during the last quarter. Commonwealth Financial Services LLC boosted its stake in shares of Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares during the period. Orrstown Financial Services Inc. grew its holdings in Adobe by 0.9% during the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after acquiring an additional 20 shares during the period. Finally, Orser Capital Management LLC increased its stake in Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after purchasing an additional 20 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of Adobe stock traded up $18.10 during midday trading on Tuesday, hitting $522.58. The company had a trading volume of 764,999 shares, compared to its average volume of 3,149,218. The stock has a market cap of $230.04 billion, a PE ratio of 42.61, a P/E/G ratio of 2.55 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The business’s 50 day simple moving average is $513.50 and its two-hundred day simple moving average is $517.22. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during 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%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.26 EPS. As a group, equities analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Activity

In related news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. 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 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ADBE has been the subject of a number of analyst reports. Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein reduced their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe 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.