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

Montecito Bank & Trust raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.2% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 2,314 shares of the software company’s stock after buying an additional 115 shares during the period. Montecito Bank & Trust’s holdings in Adobe were worth $1,135,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Evolution Wealth Advisors LLC purchased a new position in shares of Adobe during the 2nd quarter valued at approximately $30,000. Harvest Group Wealth Management LLC acquired a new stake in Adobe during the second quarter valued at $30,000. Cedar Mountain Advisors LLC increased its holdings in Adobe by 81.0% in the second quarter. Cedar Mountain Advisors LLC now owns 76 shares of the software company’s stock valued at $33,000 after buying an additional 34 shares in the last quarter. Rockbridge Investment Management LCC acquired a new position in shares of Adobe in the second quarter worth about $36,000. Finally, Newfound Research LLC purchased a new stake in shares of Adobe during the 3rd quarter worth about $38,000. 84.03% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:ADBE traded down $16.36 during mid-day trading on Friday, reaching $444.75. 105,271 shares of the company were exchanged, compared to its average volume of 3,171,124. Adobe Inc. has a 1 year low of $255.13 and a 1 year high of $536.88. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.44 and a quick ratio of 1.44. The firm’s 50-day simple moving average is $485.87 and its 200 day simple moving average is $432.42. The firm has a market cap of $221.20 billion, a price-to-earnings ratio of 55.90, a P/E/G ratio of 3.13 and a beta of 0.97.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 15th. The software company reported $2.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.41 by $0.16. Adobe had a return on equity of 35.84% and a net margin of 31.05%. The business had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the previous year, the firm posted $2.05 earnings per share. The company’s revenue was up 14.0% on a year-over-year basis. On average, research analysts forecast that Adobe Inc. will post 8.23 earnings per share for the current fiscal year.

A number of equities analysts have issued reports on ADBE shares. Jefferies Financial Group increased their price target on Adobe from $570.00 to $600.00 and gave the stock a “buy” rating in a research report on Wednesday, September 16th. Piper Sandler increased their target price on Adobe from $430.00 to $570.00 and gave the company an “overweight” rating in a research report on Wednesday, September 16th. BidaskClub lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, September 9th. The Goldman Sachs Group upped their price objective on shares of Adobe from $460.00 to $520.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 16th. Finally, Citigroup dropped their target price on shares of Adobe from $530.00 to $523.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty-three have issued a buy rating to the stock. Adobe has a consensus rating of “Buy” and an average target price of $504.86.

In other Adobe news, CMO Ann Lewnes sold 5,000 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $447.59, for a total value of $2,237,950.00. Following the completion of the transaction, the chief marketing officer now owns 40,257 shares in the company, valued at $18,018,630.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Bryan Lamkin sold 13,095 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $477.15, for a total value of $6,248,279.25. Following the sale, the executive vice president now directly owns 84,774 shares in the company, valued at approximately $40,449,914.10. The disclosure for this sale can be found here. Insiders have sold 42,376 shares of company stock worth $20,042,368 in the last three months. Corporate insiders own 0.31% of the company’s stock.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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