FARMERS & MERCHANTS TRUST Co OF LONG BEACH Acquires 807 Shares of Adobe Inc. (NASDAQ:ADBE)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,078 shares of the software company’s stock after acquiring an additional 807 shares during the quarter. Adobe accounts for 1.5% of FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s portfolio, making the stock its 11th largest holding. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Adobe were worth $5,802,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. Mather Group LLC. raised its stake in shares of Adobe by 23.7% in the second quarter. Mather Group LLC. now owns 2,377 shares of the software company’s stock valued at $1,392,000 after purchasing an additional 456 shares in the last quarter. South State Corp raised its stake in shares of Adobe by 0.6% in the second quarter. South State Corp now owns 31,034 shares of the software company’s stock valued at $18,175,000 after purchasing an additional 193 shares in the last quarter. Artemis Investment Management LLP raised its stake in shares of Adobe by 50.1% in the second quarter. Artemis Investment Management LLP now owns 59,323 shares of the software company’s stock valued at $34,792,000 after purchasing an additional 19,800 shares in the last quarter. Northcape Capital Pty Ltd acquired a new position in shares of Adobe in the second quarter valued at $2,865,000. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of Adobe by 3.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 141,209 shares of the software company’s stock valued at $82,696,000 after purchasing an additional 4,748 shares in the last quarter. 81.72% of the stock is owned by institutional investors.

In other news, CEO Shantanu Narayen sold 40,000 shares of the firm’s stock in a transaction dated Friday, September 24th. The stock was sold at an average price of $620.26, for a total transaction of $24,810,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Gloria Chen sold 42 shares of the firm’s stock in a transaction dated Wednesday, November 24th. The stock was sold at an average price of $654.73, for a total value of $27,498.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,155 shares of company stock worth $27,445,489. Company insiders own 0.23% of the company’s stock.

Several research analysts have issued reports on ADBE shares. Mizuho reiterated a “buy” rating and set a $695.00 price objective (up from $640.00) on shares of Adobe in a research note on Friday, September 17th. JPMorgan Chase & Co. increased their price objective on Adobe from $660.00 to $680.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 22nd. Piper Sandler increased their price objective on Adobe from $600.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 22nd. Citigroup increased their target price on Adobe from $575.00 to $678.00 and gave the stock a “neutral” rating in a report on Wednesday, September 22nd. Finally, Argus increased their target price on Adobe from $650.00 to $764.00 and gave the stock a “buy” rating in a report on Friday, September 3rd. Five investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Buy” and a consensus target price of $693.80.

ADBE traded up $3.16 during midday trading on Thursday, reaching $668.32. 2,426,171 shares of the company were exchanged, compared to its average volume of 2,221,317. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.39 and a current ratio of 1.39. Adobe Inc. has a one year low of $420.78 and a one year high of $699.54. The stock has a market capitalization of $318.39 billion, a P/E ratio of 55.28, a PEG ratio of 3.43 and a beta of 1.05. The stock’s 50-day simple moving average is $630.58 and its 200 day simple moving average is $602.04.

Adobe (NASDAQ:ADBE) last issued its earnings results on Monday, September 20th. The software company reported $3.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.10. Adobe had a return on equity of 35.95% and a net margin of 38.67%. The firm had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the business earned $2.12 earnings per share. The company’s revenue was up 22.0% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc. will post 10.52 earnings per share for the current year.

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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