Culbertson A N & Co. Inc. Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Culbertson A N & Co. Inc. boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 9.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,710 shares of the software company’s stock after purchasing an additional 150 shares during the quarter. Culbertson A N & Co. Inc.’s holdings in Adobe were worth $885,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Piscataqua Savings Bank increased its stake in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. Tradewinds Capital Management LLC increased its position in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its stake in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new position in Adobe during the second quarter valued at $33,000. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe in the 2nd quarter worth $39,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ADBE shares. Sanford C. Bernstein decreased their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus increased their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Barclays lifted their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,078 shares of company stock valued at $16,700,246 over the last ninety days. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 1.1 %

Adobe stock opened at $502.54 on Thursday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The business has a fifty day moving average of $536.95 and a two-hundred day moving average of $515.85. The firm has a market cap of $222.83 billion, a P/E ratio of 45.15, a P/E/G ratio of 2.55 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 issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company 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 firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.26 earnings per share. On average, analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal 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.