Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Umpqua Bank

Umpqua Bank grew its position in Adobe Inc. (NASDAQ:ADBE) by 4.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,066 shares of the software company’s stock after acquiring an additional 127 shares during the quarter. Umpqua Bank’s holdings in Adobe were worth $1,588,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ADBE. Piscataqua Savings Bank raised its stake in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC purchased a new stake in shares of Adobe during the second quarter worth about $33,000. Highline Wealth Partners LLC purchased a new position in Adobe in the third quarter valued at about $38,000. Lynx Investment Advisory acquired a new position in shares of Adobe in the 2nd quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Adobe in the second quarter worth $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock traded up $13.12 on Wednesday, hitting $499.54. The company had a trading volume of 360,155 shares, compared to its average volume of 3,150,096. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market cap of $219.90 billion, a PE ratio of 41.08, a PEG ratio of 2.49 and a beta of 1.30. The business has a 50-day simple moving average of $518.98 and a 200-day simple moving average of $516.41. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (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 during the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the company posted $3.26 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ADBE shares. Bank of America restated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Barclays lifted their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Two research 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by insiders.

Adobe Company 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.