Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Nixon Peabody Trust Co.

Nixon Peabody Trust Co. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 15.6% in the 3rd quarter, Holdings Channel reports. The fund owned 786 shares of the software company’s stock after buying an additional 106 shares during the period. Nixon Peabody Trust Co.’s holdings in Adobe were worth $407,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its holdings in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Adobe by 0.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after purchasing an additional 12,065 shares in the last quarter. Clearbridge Investments LLC raised its holdings in Adobe by 0.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after purchasing an additional 15,685 shares during the period. Dimensional Fund Advisors LP boosted its position in Adobe by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock worth $945,780,000 after purchasing an additional 185,737 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 in the last ninety days. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ADBE has been the topic of a number of recent analyst reports. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Citigroup increased their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Down 0.2 %

Shares of NASDAQ:ADBE traded down $0.86 during mid-day trading on Monday, reaching $502.51. 217,838 shares of the company were exchanged, compared to its average volume of 3,158,916. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm’s 50-day simple moving average is $509.79 and its 200 day simple moving average is $518.69. The firm has a market cap of $221.20 billion, a price-to-earnings ratio of 42.53, a P/E/G ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.26 EPS. Equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

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.