Trust Point Inc. Purchases 37 Shares of Adobe Inc. (NASDAQ:ADBE)

Trust Point Inc. lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 1.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,490 shares of the software company’s stock after acquiring an additional 37 shares during the quarter. Trust Point Inc.’s holdings in Adobe were worth $1,807,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in shares of Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after buying an additional 1,412 shares in the last quarter. Steph & Co. grew its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. International Assets Investment Management LLC lifted its position in shares of Adobe by 16.2% during the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after buying an additional 398 shares in the last quarter. Anchor Investment Management LLC lifted its position in shares of Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after buying an additional 1,430 shares in the last quarter. Finally, Choreo LLC lifted its holdings in Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ADBE has been the subject of a number of recent analyst reports. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Tuesday. Citigroup boosted their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Finally, Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Up 0.0 %

Shares of NASDAQ ADBE traded up $0.15 during mid-day trading on Friday, hitting $496.98. The company had a trading volume of 585,531 shares, compared to its average volume of 3,209,776. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a market capitalization of $220.36 billion, a PE ratio of 44.60, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. 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 firm has a 50-day simple moving average of $536.28 and a two-hundred day simple moving average of $515.72.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the firm posted $3.26 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 14.8 EPS for the current year.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following 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 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,608 shares of company stock worth $17,486,391. Corporate insiders own 0.15% of the company’s stock.

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.