Glenview Trust Co Purchases 4,637 Shares of Adobe Inc. (NASDAQ:ADBE)

Glenview Trust Co lifted its stake in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 12.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,446 shares of the software company’s stock after purchasing an additional 4,637 shares during the period. Glenview Trust Co’s holdings in Adobe were worth $18,428,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ADBE. Norges Bank purchased a new stake in shares of Adobe during the 4th quarter worth approximately $2,378,829,000. Castleview Partners LLC purchased a new stake in shares of Adobe during the 4th quarter worth approximately $3,260,000. BlackRock Inc. increased its stake in shares of Adobe by 3.3% during the 4th quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock worth $21,279,818,000 after purchasing an additional 1,212,093 shares during the last quarter. State Street Corp increased its stake in shares of Adobe by 3.4% during the 4th quarter. State Street Corp now owns 19,551,566 shares of the software company’s stock worth $11,086,911,000 after purchasing an additional 643,656 shares during the last quarter. Finally, Baillie Gifford & Co. purchased a new position in Adobe in the 1st quarter valued at approximately $254,799,000. Hedge funds and other institutional investors own 82.54% of the company’s stock.

Adobe Stock Performance

ADBE stock traded down $11.74 during midday trading on Friday, reaching $427.29. 70,776 shares of the company’s stock traded hands, compared to its average volume of 2,292,934. The stock’s 50-day moving average is $395.06 and its 200 day moving average is $423.28. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.26. The stock has a market cap of $199.97 billion, a P/E ratio of 41.53, a PEG ratio of 2.41 and a beta of 1.12. Adobe Inc. has a 52-week low of $338.00 and a 52-week high of $699.54.

Adobe (NASDAQ:ADBEGet Rating) last released its quarterly earnings data on Thursday, June 16th. The software company reported $2.70 EPS for the quarter, beating the consensus estimate of $2.65 by $0.05. Adobe had a net margin of 29.29% and a return on equity of 36.70%. The business had revenue of $4.39 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter last year, the business earned $2.56 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 10.99 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on ADBE. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Adobe from $575.00 to $500.00 in a research note on Friday, June 17th. Piper Sandler reduced their price objective on shares of Adobe from $545.00 to $430.00 and set an “overweight” rating for the company in a research note on Friday, June 17th. Stifel Nicolaus reduced their price objective on shares of Adobe from $600.00 to $500.00 in a research note on Friday, June 17th. BMO Capital Markets assumed coverage on shares of Adobe in a report on Friday, June 17th. They issued a “buy” rating and a $420.00 price target for the company. Finally, Bank of America cut their price target on shares of Adobe from $560.00 to $450.00 and set a “buy” rating for the company in a report on Friday, June 17th. Seven equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $489.31.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,711 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the sale, the executive vice president now owns 26,089 shares in the company, valued at approximately $10,268,108.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott Belsky sold 2,711 shares of Adobe stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the sale, the executive vice president now owns 26,089 shares in the company, valued at approximately $10,268,108.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Ann Lewnes sold 794 shares of Adobe stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $400.00, for a total transaction of $317,600.00. Following the sale, the chief marketing officer now owns 23,988 shares of the company’s stock, valued at approximately $9,595,200. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,637 shares of company stock worth $1,438,682. 0.23% of the stock is currently owned by insiders.

About Adobe

(Get Rating)

Adobe Inc 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.

Further Reading

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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