Adobe Inc. (NASDAQ:ADBE) Position Increased by Oakworth Capital Inc.

Oakworth Capital Inc. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 10.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,044 shares of the software company’s stock after purchasing an additional 97 shares during the quarter. Oakworth Capital Inc.’s holdings in Adobe were worth $541,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank boosted 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 purchasing an additional 34 shares during the period. Tradewinds Capital Management LLC boosted its stake in Adobe by 266.7% in the 1st 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 period. Salomon & Ludwin LLC boosted its stake in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in Adobe in the 2nd quarter worth approximately $33,000. Finally, Lynx Investment Advisory acquired a new position in Adobe in the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Oppenheimer reissued an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, UBS Group cut their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated 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 directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated 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 in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,608 shares of company stock worth $17,486,391 in the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $495.26 on Tuesday. 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 has a market capitalization of $219.60 billion, a price-to-earnings ratio of 44.72, a P/E/G ratio of 2.55 and a beta of 1.29. The company’s fifty day moving average is $534.79 and its two-hundred day moving average is $515.99. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $3.26 EPS. Equities research analysts forecast that Adobe Inc. will post 14.8 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.