Cape Cod Five Cents Savings Bank Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Cape Cod Five Cents Savings Bank boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,293 shares of the software company’s stock after acquiring an additional 773 shares during the quarter. Adobe comprises approximately 1.3% of Cape Cod Five Cents Savings Bank’s portfolio, making the stock its 19th biggest holding. Cape Cod Five Cents Savings Bank’s holdings in Adobe were worth $13,496,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Onyx Bridge Wealth Group LLC lifted its stake in shares of 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 purchasing an additional 19 shares during the period. HTLF Bank boosted its stake in shares of Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares in the last quarter. Commonwealth Financial Services LLC grew its holdings in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the period. Connable Office Inc. increased its stake in Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after purchasing an additional 20 shares in the last quarter. Finally, Citizens & Northern Corp raised its holdings in Adobe by 0.6% during the second quarter. Citizens & Northern Corp now owns 3,491 shares of the software company’s stock worth $1,939,000 after purchasing an additional 21 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on ADBE shares. Sanford C. Bernstein lowered their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. BMO Capital Markets increased their price objective on Adobe from $580.00 to $600.00 and gave the company an “outperform” rating in a research note on Friday. Citigroup boosted their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Finally, Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $602.08.

Adobe Price Performance

ADBE opened at $552.96 on Monday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a 50 day moving average of $504.20 and a two-hundred day moving average of $522.21. The company has a market cap of $243.41 billion, a P/E ratio of 46.70, a P/E/G ratio of 2.45 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the company earned $3.26 EPS. The firm’s revenue was up 10.6% on a year-over-year basis. On average, analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

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.