Burke & Herbert Bank & Trust Co. Buys New Shares in Adobe Inc. (NASDAQ:ADBE)

Burke & Herbert Bank & Trust Co. purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the second quarter, Holdings Channel reports. The fund purchased 970 shares of the software company’s stock, valued at approximately $539,000.

A number of other large investors have also recently bought and sold shares of ADBE. Tradewinds Capital Management LLC grew its stake in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC lifted its stake in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the period. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe during the 4th quarter worth approximately $35,000. Steph & Co. grew its position 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 buying an additional 30 shares during the period. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe in the 2nd quarter valued at $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ:ADBE opened at $535.22 on Wednesday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The business has a fifty day simple moving average of $531.91 and a two-hundred day simple moving average of $523.87. The company has a market capitalization of $237.32 billion, a P/E ratio of 48.09, a P/E/G ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business posted $3.04 EPS. On average, analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on ADBE shares. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Barclays boosted their target price on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Citigroup cut their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. KeyCorp raised their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Finally, Sanford C. Bernstein upped their target price on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $601.38.

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.