Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Tompkins Financial Corp

Tompkins Financial Corp boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,350 shares of the software company’s stock after buying an additional 699 shares during the period. Tompkins Financial Corp’s holdings in Adobe were worth $6,912,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Principal Financial Group Inc. boosted its position in Adobe by 0.6% during the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after acquiring an additional 12,065 shares during the period. Clearbridge Investments LLC grew its stake in Adobe by 0.8% during the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after acquiring an additional 15,685 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Adobe by 12.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after purchasing an additional 185,737 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Adobe stock traded down $6.24 during mid-day trading on Friday, hitting $494.68. 2,856,859 shares of the company were exchanged, compared to its average volume of 3,158,276. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average of $514.90 and a 200 day moving average of $516.42. The company has a market capitalization of $217.76 billion, a PE ratio of 41.78, a price-to-earnings-growth ratio of 2.48 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm 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 company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $3.26 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company’s stock.

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.