Burke & Herbert Bank & Trust Co. purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) 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.
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.
Read Our Latest Analysis on Adobe
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.
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