Peapack Gladstone Financial Corp Has $20.86 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Peapack Gladstone Financial Corp grew its position in Adobe Inc. (NASDAQ:ADBE) by 17.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,900 shares of the software company’s stock after buying an additional 7,095 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Adobe were worth $20,855,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ADBE. Ilmarinen Mutual Pension Insurance Co raised its holdings in shares of Adobe by 29.3% during the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 79,451 shares of the software company’s stock worth $35,330,000 after buying an additional 18,000 shares in the last quarter. Nutshell Asset Management Ltd bought a new position in Adobe in the fourth quarter valued at about $13,471,000. Russell Investments Group Ltd. raised its stake in Adobe by 2.7% during the fourth quarter. Russell Investments Group Ltd. now owns 525,878 shares of the software company’s stock worth $233,913,000 after acquiring an additional 13,612 shares in the last quarter. Rahlfs Capital LLC bought a new position in shares of Adobe in the fourth quarter worth about $1,126,000. Finally, Hemenway Trust Co LLC boosted its stake in shares of Adobe by 19.4% in the 4th quarter. Hemenway Trust Co LLC now owns 12,186 shares of the software company’s stock valued at $5,419,000 after purchasing an additional 1,984 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on ADBE shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. DA Davidson cut their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Piper Sandler lowered their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Finally, Redburn Atlantic initiated coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong 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 $531.54.

Adobe Stock Down 5.0 %

Adobe stock opened at $349.07 on Friday. The company has a market capitalization of $148.77 billion, a PE ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 12-month low of $348.80 and a 12-month high of $587.75. The firm’s fifty day moving average is $425.66 and its 200 day moving average is $463.60. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the business earned $4.48 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, Director David A. Ricks bought 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Adobe 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.