FARMERS & MERCHANTS TRUST Co OF LONG BEACH Has $5.80 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.7% in the third quarter, Holdings Channel.com reports. The institutional investor owned 10,078 shares of the software company’s stock after acquiring an additional 807 shares during the period. Adobe comprises about 1.5% of FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings, making the stock its 11th biggest position. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Adobe were worth $5,802,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of ADBE. Baldrige Asset Management LLC acquired a new position in Adobe in the 2nd quarter worth about $26,000. Key Financial Inc acquired a new position in Adobe in the 2nd quarter worth about $29,000. Atlantic Trust LLC acquired a new position in Adobe in the 2nd quarter worth about $34,000. Edge Wealth Management LLC increased its holdings in Adobe by 53.3% in the 3rd quarter. Edge Wealth Management LLC now owns 92 shares of the software company’s stock worth $53,000 after purchasing an additional 32 shares in the last quarter. Finally, Sound Income Strategies LLC increased its holdings in Adobe by 58.2% in the 2nd quarter. Sound Income Strategies LLC now owns 106 shares of the software company’s stock worth $62,000 after purchasing an additional 39 shares in the last quarter. 81.72% of the stock is owned by institutional investors.

NASDAQ:ADBE traded up $3.16 on Thursday, hitting $668.32. The stock had a trading volume of 2,426,171 shares, compared to its average volume of 2,221,317. The business’s fifty day moving average is $630.58 and its 200 day moving average is $602.04. The company has a market cap of $318.39 billion, a PE ratio of 55.28, a P/E/G ratio of 3.43 and a beta of 1.05. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $420.78 and a 52 week high of $699.54.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Monday, September 20th. The software company reported $3.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.01 by $0.10. The business had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.90 billion. Adobe had a return on equity of 35.95% and a net margin of 38.67%. The company’s quarterly revenue was up 22.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.12 earnings per share. Equities analysts predict that Adobe Inc. will post 10.52 earnings per share for the current fiscal year.

A number of brokerages have issued reports on ADBE. Oppenheimer upped their target price on Adobe from $600.00 to $680.00 and gave the stock an “outperform” rating in a report on Wednesday, September 22nd. Barclays upped their price target on Adobe from $660.00 to $740.00 and gave the company an “overweight” rating in a research report on Thursday, September 16th. Guggenheim reiterated a “hold” rating on shares of Adobe in a research report on Wednesday, September 22nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $765.00 price target on shares of Adobe in a research report on Tuesday, October 19th. Finally, Stifel Nicolaus upped their price target on Adobe from $725.00 to $750.00 and gave the company a “buy” rating in a research report on Wednesday, September 22nd. Five analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $693.80.

In other news, EVP Gloria Chen sold 42 shares of the stock in a transaction that occurred on Friday, September 24th. The stock was sold at an average price of $628.00, for a total value of $26,376.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John E. Warnock sold 3,000 shares of the stock in a transaction that occurred on Friday, September 24th. The shares were sold at an average price of $628.03, for a total value of $1,884,090.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,155 shares of company stock valued at $27,445,489. Company insiders own 0.23% of the company’s stock.

Adobe Company Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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