Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Essex Savings Bank

Essex Savings Bank boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,921 shares of the software company’s stock after acquiring an additional 47 shares during the period. Essex Savings Bank’s holdings in Adobe were worth $2,030,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Piscataqua Savings Bank grew its holdings in Adobe by 226.7% during 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 in the last quarter. Summit Securities Group LLC acquired a new position in shares of Adobe in the 2nd quarter valued at $33,000. Highline Wealth Partners LLC purchased a new position in shares of Adobe in the 3rd quarter valued at $38,000. Lynx Investment Advisory purchased a new position in shares of Adobe in the 2nd quarter valued at $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Adobe in the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on 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 directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % 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 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $494.68 on Friday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a 50 day moving average price of $514.90 and a 200 day moving average price of $516.42. The company has a market cap of $217.76 billion, a price-to-earnings ratio of 41.78, a PEG ratio of 2.60 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its 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. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.26 earnings per share. Sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Citigroup increased their target price 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. Bank of America reaffirmed a “buy” rating and issued a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.