Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Douglass Winthrop Advisors LLC

Douglass Winthrop Advisors LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 34.0% in the third quarter, HoldingsChannel.com reports. The firm owned 2,262 shares of the software company’s stock after acquiring an additional 574 shares during the period. Douglass Winthrop Advisors LLC’s holdings in Adobe were worth $1,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank grew its position in shares of Adobe by 226.7% during 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. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the third quarter valued at approximately $30,000. Summit Securities Group LLC bought a new position in shares of Adobe during the second quarter valued at approximately $33,000. Briaud Financial Planning Inc acquired a new stake in shares of Adobe during the 3rd quarter worth approximately $36,000. Finally, Highline Wealth Partners LLC bought a new stake in shares of Adobe in the 3rd quarter worth approximately $38,000. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 1.5 %

Shares of NASDAQ:ADBE opened at $512.15 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $225.45 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 2.60 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a 50 day moving average price of $503.13 and a 200 day moving average price of $519.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company posted $3.26 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. 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 company’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 in the last quarter. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on ADBE shares. UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Sanford C. Bernstein dropped their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Citigroup boosted their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Oppenheimer restated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target 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.