Grove Bank & Trust Has $3.76 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

Grove Bank & Trust increased its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 29.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,270 shares of the software company’s stock after purchasing an additional 1,637 shares during the quarter. Grove Bank & Trust’s holdings in Adobe were worth $3,764,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Wellington Management Group LLP grew its holdings in shares of Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares in the last quarter. Swedbank AB acquired a new position in shares of Adobe during the 1st quarter worth approximately $621,179,000. Longview Partners Guernsey LTD bought a new stake in Adobe in the 2nd quarter valued at $663,745,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP lifted its position in Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on ADBE shares. Stifel Nicolaus upped their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Citigroup boosted their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

View Our Latest Report on Adobe

Adobe Stock Up 2.9 %

NASDAQ ADBE traded up $14.26 on Monday, reaching $509.68. The company had a trading volume of 1,506,454 shares, compared to its average volume of 3,220,456. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company’s fifty day moving average is $537.29 and its 200 day moving average is $515.88. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market capitalization of $225.99 billion, a P/E ratio of 45.87, a P/E/G ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $3.26 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,229 shares of company stock worth $16,785,501. 0.15% of the stock is owned by company insiders.

About Adobe

(Free Report)

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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