Community Bank N.A. raised its position in shares of Adobe Inc (NASDAQ:ADBE) by 562.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,324 shares of the software company’s stock after purchasing an additional 1,124 shares during the quarter. Community Bank N.A.’s holdings in Adobe were worth $576,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in ADBE. Spotlight Asset Group Inc. lifted its holdings in shares of Adobe by 3.3% during the second quarter. Spotlight Asset Group Inc. now owns 715 shares of the software company’s stock worth $311,000 after purchasing an additional 23 shares during the period. Valeo Financial Advisors LLC lifted its stake in Adobe by 1.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,466 shares of the software company’s stock valued at $638,000 after acquiring an additional 27 shares during the period. Nicholas Hoffman & Company LLC. lifted its stake in Adobe by 2.6% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 1,131 shares of the software company’s stock valued at $360,000 after acquiring an additional 29 shares during the period. PFG Advisors boosted its holdings in shares of Adobe by 0.8% in the 2nd quarter. PFG Advisors now owns 3,814 shares of the software company’s stock valued at $1,778,000 after acquiring an additional 30 shares during the last quarter. Finally, Savior LLC increased its stake in shares of Adobe by 13.0% in the second quarter. Savior LLC now owns 260 shares of the software company’s stock worth $113,000 after acquiring an additional 30 shares during the period. 84.20% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on ADBE. DZ Bank lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $370.00 price target on the stock. in a report on Thursday, May 14th. Robert W. Baird upped their target price on Adobe from $345.00 to $460.00 and gave the stock an “outperform” rating in a research note on Friday, June 12th. Morgan Stanley lifted their price target on Adobe from $375.00 to $450.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Jefferies Financial Group boosted their price target on Adobe from $450.00 to $470.00 and gave the company a “buy” rating in a report on Friday, June 12th. Finally, Goldman Sachs Group raised their price objective on shares of Adobe from $350.00 to $460.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $407.43.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 11th. The software company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.12. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The company had revenue of $3.13 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the prior year, the company earned $1.83 EPS. Adobe’s revenue was up 14.1% compared to the same quarter last year. Analysts predict that Adobe Inc will post 8.05 EPS for the current fiscal year.
In other news, CEO Shantanu Narayen sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 15th. The shares were sold at an average price of $432.68, for a total transaction of $4,326,800.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 600 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $352.45, for a total transaction of $211,470.00. Following the completion of the sale, the executive vice president now directly owns 12,817 shares of the company’s stock, valued at approximately $4,517,351.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,316 shares of company stock valued at $31,271,310. Insiders own 0.31% of the company’s stock.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, 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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