Plimoth Trust Co. LLC Has $4.05 Million Stake in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Plimoth Trust Co. LLC increased its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) by 0.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,821 shares of the software company’s stock after acquiring an additional 24 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Adobe were worth $4,050,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Venture Visionary Partners LLC lifted its stake in shares of Adobe by 0.3% in the 3rd quarter. Venture Visionary Partners LLC now owns 13,311 shares of the software company’s stock valued at $6,892,000 after purchasing an additional 34 shares during the period. Stewardship Advisors LLC acquired a new position in Adobe in the third quarter valued at approximately $253,000. Northwest Investment Counselors LLC acquired a new position in Adobe in the third quarter valued at approximately $165,000. Border to Coast Pensions Partnership Ltd grew its position in shares of Adobe by 4.5% during the 3rd quarter. Border to Coast Pensions Partnership Ltd now owns 94,151 shares of the software company’s stock worth $48,607,000 after buying an additional 4,016 shares during the period. Finally, Castleview Partners LLC increased its stake in shares of Adobe by 34.3% in the 3rd quarter. Castleview Partners LLC now owns 1,374 shares of the software company’s stock valued at $711,000 after acquiring an additional 351 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,608 shares of company stock worth $17,486,391. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $2.81 during midday trading on Monday, hitting $497.71. The company’s stock had a trading volume of 1,677,394 shares, compared to its average volume of 3,209,250. The firm has a market capitalization of $220.68 billion, a price-to-earnings ratio of 44.66, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a fifty day moving average price of $535.45 and a 200 day moving average price of $515.91. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.26 EPS. On average, research analysts forecast that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the topic of several research analyst reports. Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein reduced their price objective 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, Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, seven have given 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, the company presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Read Our Latest Research Report on ADBE

About Adobe

(Free Report)

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.

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