Texas Capital Bank Wealth Management Services Inc Has $479,000 Position in Adobe Inc. (NASDAQ:ADBE)

Texas Capital Bank Wealth Management Services Inc boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 8.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 862 shares of the software company’s stock after purchasing an additional 64 shares during the quarter. Texas Capital Bank Wealth Management Services Inc’s holdings in Adobe were worth $479,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Concentrum Wealth Management grew its stake in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after acquiring an additional 244,008 shares during the period. Aveo Capital Partners LLC increased its stake in Adobe by 5.9% during the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after purchasing an additional 52 shares in the last quarter. Gryphon Financial Partners LLC raised its holdings in Adobe by 22.7% during the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after buying an additional 658 shares during the last quarter. J. W. Coons Advisors LLC raised its holdings 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 worth $1,100,000 after buying an additional 46 shares during the last quarter. Finally, Clear Rock Advisors LLC acquired a new position in shares of Adobe during the fourth quarter valued at about $311,000. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated 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. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock worth $17,642,653 in the last quarter. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

NASDAQ ADBE opened at $515.48 on Friday. The firm has a market cap of $228.56 billion, a P/E ratio of 46.31, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company’s 50 day moving average is $545.13 and its 200-day moving average is $517.65. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.26 EPS. Sell-side analysts predict that Adobe Inc. will post 14.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ADBE shares. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Robert W. Baird increased their price objective on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Piper Sandler restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

About Adobe

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.