Canandaigua National Bank & Trust Co. Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Canandaigua National Bank & Trust Co. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 10.8% in the 3rd quarter, Holdings Channel reports. The fund owned 7,005 shares of the software company’s stock after buying an additional 685 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Adobe were worth $3,627,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. J. W. Coons Advisors LLC grew its position in Adobe by 2.6% during the fourth quarter. J. W. Coons Advisors LLC now owns 1,843 shares of the software company’s stock valued at $1,100,000 after acquiring an additional 46 shares during the last quarter. Azimuth Capital Investment Management LLC boosted its stake in shares of Adobe by 6.0% in the 4th quarter. Azimuth Capital Investment Management LLC now owns 1,995 shares of the software company’s stock valued at $1,190,000 after purchasing an additional 113 shares in the last quarter. Privium Fund Management UK Ltd bought a new position in shares of Adobe during the 4th quarter valued at $970,000. CenterBook Partners LP raised its position in Adobe by 42.8% in the 4th quarter. CenterBook Partners LP now owns 8,875 shares of the software company’s stock worth $5,295,000 after purchasing an additional 2,658 shares during the period. Finally, Prudential PLC lifted its stake in Adobe by 4.0% in the fourth quarter. Prudential PLC now owns 60,595 shares of the software company’s stock worth $36,151,000 after purchasing an additional 2,321 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.4 %

Shares of Adobe stock opened at $503.80 on Friday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market cap of $223.38 billion, a price-to-earnings ratio of 45.27, a PEG ratio of 2.72 and a beta of 1.29. The company has a 50-day moving average of $542.45 and a 200 day moving average of $516.36. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the firm earned $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of the 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 sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently commented on ADBE. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Melius Research reaffirmed a “hold” rating and issued a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. Sanford C. Bernstein dropped their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Bank of America reaffirmed a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, UBS Group dropped their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Two 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’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $606.40.

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.