Commerce Bank Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

Commerce Bank reduced its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) by 0.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 129,633 shares of the software company’s stock after selling 287 shares during the quarter. Commerce Bank’s holdings in Adobe were worth $67,121,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Onyx Bridge Wealth Group LLC increased its position in Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after buying an additional 19 shares during the last quarter. HTLF Bank increased its holdings in shares of Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares during the last quarter. Commonwealth Financial Services LLC lifted its holdings in Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares during the last quarter. Orrstown Financial Services Inc. boosted its position in Adobe by 0.9% during the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares during the period. Finally, Orser Capital Management LLC grew its holdings in Adobe by 0.3% during the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after purchasing an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. UBS Group lowered their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Citigroup boosted their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned 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, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Get Our Latest Stock Analysis on Adobe

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

Adobe stock opened at $499.61 on Wednesday. The firm has a market capitalization of $219.93 billion, a P/E ratio of 42.20, a P/E/G ratio of 2.59 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a fifty day moving average price of $506.89 and a two-hundred day moving average price of $518.95. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during 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 company’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $3.26 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Adobe Profile

(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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