Washington Trust Bank Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Washington Trust Bank boosted its position in Adobe Inc. (NASDAQ:ADBE) by 1.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,516 shares of the software company’s stock after buying an additional 473 shares during the period. Adobe makes up about 1.8% of Washington Trust Bank’s holdings, making the stock its 18th biggest position. Washington Trust Bank’s holdings in Adobe were worth $18,389,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Piscataqua Savings Bank grew its position in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 2nd quarter worth $33,000. Highline Wealth Partners LLC purchased a new stake in shares of Adobe during the 3rd quarter worth $38,000. Lynx Investment Advisory purchased a new stake in shares of Adobe during the 2nd quarter worth $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Adobe during the 2nd quarter worth $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 in the last 90 days. 0.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on ADBE. Citigroup boosted their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Sanford C. Bernstein cut their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Finally, JMP Securities reaffirmed 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 issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Up 1.0 %

Shares of NASDAQ:ADBE traded up $4.88 during trading on Thursday, reaching $509.71. 114,199 shares of the stock were exchanged, compared to its average volume of 3,148,123. 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 Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market cap of $224.37 billion, a price-to-earnings ratio of 42.64, a price-to-earnings-growth ratio of 2.49 and a beta of 1.30. The firm’s 50-day moving average price is $517.87 and its 200 day moving average price is $516.33.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal 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.