Bank of Stockton Decreases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Bank of Stockton cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,060 shares of the software company’s stock after selling 141 shares during the quarter. Adobe comprises 0.8% of Bank of Stockton’s holdings, making the stock its 23rd largest position. Bank of Stockton’s holdings in Adobe were worth $2,620,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Lake Street Advisors Group LLC raised its stake in Adobe by 3.1% in the third quarter. Lake Street Advisors Group LLC now owns 4,373 shares of the software company’s stock valued at $2,264,000 after buying an additional 131 shares during the last quarter. Tandem Capital Management Corp ADV acquired a new stake in Adobe in the third quarter valued at approximately $858,000. Ballentine Partners LLC grew its holdings in Adobe by 9.3% in the third quarter. Ballentine Partners LLC now owns 7,913 shares of the software company’s stock valued at $4,097,000 after purchasing an additional 675 shares during the period. Heritage Oak Wealth Advisors LLC acquired a new stake in Adobe in the third quarter valued at approximately $208,000. Finally, Busey Bank grew its holdings in Adobe by 0.5% in the third quarter. Busey Bank now owns 38,823 shares of the software company’s stock valued at $20,102,000 after purchasing an additional 186 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 0.3 %

ADBE traded up $1.24 on Friday, hitting $484.11. 636,980 shares of the company were exchanged, compared to its average volume of 3,181,771. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market cap of $214.65 billion, a price-to-earnings ratio of 43.62, a price-to-earnings-growth 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 firm has a 50-day moving average price of $531.42 and a two-hundred day moving average price of $515.60.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the firm posted $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts predict that Adobe Inc. will post 14.8 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on ADBE shares. UBS Group dropped their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein reduced their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was 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 directly owns 357,700 shares of the company’s stock, valued at $186,569,166. 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 at 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 shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,030 shares of company stock valued at $17,176,005 in the last three months. 0.15% of the stock is owned by corporate insiders.

About Adobe

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.