Citizens Financial Group Inc. RI Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Citizens Financial Group Inc. RI increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,851 shares of the software company’s stock after purchasing an additional 402 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Adobe were worth $12,867,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Moran Wealth Management LLC boosted its position in shares of Adobe by 2.1% in the 3rd quarter. Moran Wealth Management LLC now owns 24,000 shares of the software company’s stock valued at $12,427,000 after purchasing an additional 499 shares during the period. Moors & Cabot Inc. lifted its stake in Adobe by 2.8% in the third quarter. Moors & Cabot Inc. now owns 3,550 shares of the software company’s stock valued at $1,838,000 after buying an additional 98 shares during the last quarter. Altman Advisors Inc. purchased a new position in shares of Adobe during the third quarter worth approximately $1,684,000. Retireful LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $553,000. Finally, First Horizon Advisors Inc. boosted its stake in Adobe by 6.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 42,977 shares of the software company’s stock worth $22,253,000 after purchasing an additional 2,529 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value 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 represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 in the last quarter. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Down 0.0 %

ADBE opened at $499.50 on Thursday. The business’s fifty day simple moving average is $505.27 and its 200 day simple moving average is $518.81. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a market cap of $219.88 billion, a P/E ratio of 42.19, a PEG ratio of 2.59 and a beta of 1.30. 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 posted 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business posted $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Oppenheimer reiterated an “outperform” rating and set a $625.00 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. Citigroup lifted their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Barclays raised their target price 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. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.