NBT Bank N A NY Grows Stake in Adobe Inc. (NASDAQ:ADBE)

NBT Bank N A NY raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,222 shares of the software company’s stock after purchasing an additional 271 shares during the period. NBT Bank N A NY’s holdings in Adobe were worth $2,345,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Tradewinds Capital Management LLC increased its holdings in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC increased its holdings in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC bought a new position in shares of Adobe in the 2nd quarter worth $33,000. Steph & Co. lifted its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new stake in Adobe during the second quarter valued at about $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

NASDAQ ADBE traded up $4.78 during mid-day trading on Friday, reaching $574.41. 1,982,970 shares of the stock were exchanged, compared to its average volume of 3,201,657. The company has a market capitalization of $254.69 billion, a P/E ratio of 51.61, a P/E/G ratio of 2.85 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The business’s 50 day moving average is $550.32 and its 200-day moving average is $519.64. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $3.04 EPS. On average, equities research analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on ADBE shares. Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Royal Bank of Canada reissued an “outperform” rating and set a $600.00 target price on shares of Adobe in a research report on Thursday, August 1st. Robert W. Baird lifted their price target on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. KeyCorp increased their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Finally, Piper Sandler dropped their target price on Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $601.38.

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.