Argent Trust Co Acquires 66 Shares of Adobe Inc. (NASDAQ:ADBE)

Argent Trust Co lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,222 shares of the software company’s stock after buying an additional 66 shares during the period. Argent Trust Co’s holdings in Adobe were worth $4,384,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of ADBE. Factory Mutual Insurance Co. grew its holdings in Adobe by 38.7% during the 1st quarter. Factory Mutual Insurance Co. now owns 134,059 shares of the software company’s stock valued at $63,727,000 after purchasing an additional 37,409 shares during the last quarter. Gabelli Funds LLC grew its holdings in Adobe by 0.8% during the 4th quarter. Gabelli Funds LLC now owns 87,050 shares of the software company’s stock valued at $43,535,000 after purchasing an additional 650 shares during the last quarter. Barrett Asset Management LLC grew its holdings in Adobe by 6.5% during the 4th quarter. Barrett Asset Management LLC now owns 35,104 shares of the software company’s stock valued at $17,556,000 after purchasing an additional 2,149 shares during the last quarter. GFG Capital LLC boosted its position in Adobe by 11.4% in the 1st quarter. GFG Capital LLC now owns 5,975 shares of the software company’s stock valued at $2,840,000 after buying an additional 610 shares during the period. Finally, 6 Meridian boosted its position in Adobe by 7.1% in the 1st quarter. 6 Meridian now owns 7,564 shares of the software company’s stock valued at $3,596,000 after buying an additional 502 shares during the period. Hedge funds and other institutional investors own 81.35% of the company’s stock.

In related news, CFO John Francis Murphy sold 3,250 shares of Adobe stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $512.78, for a total value of $1,666,535.00. Following the completion of the transaction, the chief financial officer now owns 22,790 shares in the company, valued at approximately $11,686,256.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Abhay Parasnis sold 4,000 shares of Adobe stock in a transaction dated Thursday, April 15th. The shares were sold at an average price of $524.00, for a total value of $2,096,000.00. Following the completion of the transaction, the executive vice president now owns 39,746 shares of the company’s stock, valued at approximately $20,826,904. The disclosure for this sale can be found here. In the last three months, insiders sold 14,571 shares of company stock valued at $7,442,586. Insiders own 0.23% of the company’s stock.

ADBE traded up $1.92 on Friday, reaching $537.44. 103,360 shares of the stock were exchanged, compared to its average volume of 2,487,404. The firm’s 50-day moving average is $500.64. Adobe Inc. has a fifty-two week low of $387.37 and a fifty-two week high of $536.88. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $256.90 billion, a price-to-earnings ratio of 46.61, a PEG ratio of 2.78 and a beta of 0.95.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Monday, March 22nd. The software company reported $3.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.79 by $0.35. The business had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.76 billion. Adobe had a return on equity of 36.30% and a net margin of 40.68%. The company’s revenue for the quarter was up 26.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.27 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 10.01 earnings per share for the current year.

Several equities research analysts have issued reports on ADBE shares. Bank of America reissued a “buy” rating and issued a $570.00 price objective on shares of Adobe in a research report on Wednesday, April 14th. The Goldman Sachs Group reissued a “neutral” rating and issued a $523.00 price objective on shares of Adobe in a research report on Wednesday, March 3rd. Mizuho started coverage on shares of Adobe in a research report on Monday, May 24th. They issued a “buy” rating and a $600.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Adobe from $585.00 to $595.00 and gave the company an “overweight” rating in a research report on Wednesday, March 24th. Finally, Griffin Securities reissued a “buy” rating and issued a $597.00 price objective on shares of Adobe in a research report on Wednesday, March 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-one have given a buy rating to the stock. Adobe currently has a consensus rating of “Buy” and an average target price of $552.00.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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