Dorsey & Whitney Trust CO LLC Buys 241 Shares of Adobe Inc. (NASDAQ:ADBE)

Dorsey & Whitney Trust CO LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 3.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,263 shares of the software company’s stock after buying an additional 241 shares during the period. Dorsey & Whitney Trust CO LLC’s holdings in Adobe were worth $3,674,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Naviter Wealth LLC increased its holdings in shares of Adobe by 23.8% in the 4th quarter. Naviter Wealth LLC now owns 6,097 shares of the software company’s stock worth $2,711,000 after buying an additional 1,174 shares during the last quarter. Lifeworks Advisors LLC grew its holdings in shares of Adobe by 14.3% during the 4th quarter. Lifeworks Advisors LLC now owns 759 shares of the software company’s stock valued at $338,000 after purchasing an additional 95 shares during the last quarter. Intellectus Partners LLC grew its holdings in shares of Adobe by 9.8% during the 4th quarter. Intellectus Partners LLC now owns 5,025 shares of the software company’s stock valued at $2,235,000 after purchasing an additional 450 shares during the last quarter. HM Payson & Co. grew its holdings in shares of Adobe by 4.8% during the 4th quarter. HM Payson & Co. now owns 59,060 shares of the software company’s stock valued at $26,263,000 after purchasing an additional 2,691 shares during the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of Adobe during the 4th quarter valued at $3,726,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Redburn Atlantic assumed coverage on shares of Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. Piper Sandler reduced their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Sanford C. Bernstein reduced their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company dropped their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Stifel Nicolaus dropped their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $567.81.

Adobe Trading Up 1.0 %

Shares of NASDAQ ADBE opened at $449.40 on Friday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. The stock has a market cap of $195.62 billion, a P/E ratio of 36.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The firm has a 50-day moving average of $439.56 and a 200 day moving average of $487.67. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the company posted $3.52 EPS. Adobe’s revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.15% of the stock is owned by corporate insiders.

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.