Security National Bank Purchases 595 Shares of Adobe Inc. (NASDAQ:ADBE)

Security National Bank raised its stake in Adobe Inc. (NASDAQ:ADBE) by 4.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,264 shares of the software company’s stock after purchasing an additional 595 shares during the quarter. Adobe accounts for about 1.9% of Security National Bank’s portfolio, making the stock its 19th biggest position. Security National Bank’s holdings in Adobe were worth $7,636,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Baldrige Asset Management LLC bought a new position in Adobe during the second quarter valued at $26,000. Key Financial Inc bought a new position in shares of Adobe in the second quarter worth $29,000. Atlantic Trust LLC bought a new position in shares of Adobe in the second quarter worth $34,000. Edge Wealth Management LLC boosted its holdings in shares of Adobe by 53.3% in the third quarter. Edge Wealth Management LLC now owns 92 shares of the software company’s stock worth $53,000 after acquiring an additional 32 shares during the period. Finally, Sound Income Strategies LLC boosted its holdings in shares of Adobe by 58.2% in the second quarter. Sound Income Strategies LLC now owns 106 shares of the software company’s stock worth $62,000 after acquiring an additional 39 shares during the period. 81.72% of the stock is owned by institutional investors.

In other news, EVP Gloria Chen sold 42 shares of Adobe stock in a transaction dated Friday, September 24th. The stock was sold at an average price of $628.00, for a total value of $26,376.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John E. Warnock sold 3,000 shares of Adobe stock in a transaction dated Friday, September 24th. The stock was 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. In the last quarter, insiders sold 44,155 shares of company stock worth $27,445,489. Company insiders own 0.23% of the company’s stock.

ADBE has been the subject of a number of analyst reports. Argus raised their price target on Adobe from $650.00 to $764.00 and gave the stock a “buy” rating in a report on Friday, September 3rd. Mizuho reaffirmed a “buy” rating and issued a $695.00 price target (up from $640.00) on shares of Adobe in a report on Friday, September 17th. Jefferies Financial Group raised their price target on Adobe from $750.00 to $760.00 and gave the stock a “buy” rating in a report on Wednesday, September 22nd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $765.00 price target on shares of Adobe in a report on Tuesday, October 19th. Finally, Citigroup raised their price target on Adobe from $575.00 to $678.00 and gave the stock a “neutral” rating in a report on Wednesday, September 22nd. Five research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat, Adobe has an average rating of “Buy” and a consensus target price of $693.80.

NASDAQ ADBE traded up $3.16 during trading hours on Thursday, reaching $668.32. 2,426,171 shares of the stock traded hands, compared to its average volume of 2,221,317. The stock has a 50 day simple moving average of $630.58 and a two-hundred day simple moving average of $602.04. Adobe Inc. has a 1 year low of $420.78 and a 1 year high of $699.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.39 and a quick ratio of 1.39. The company has a market cap of $318.39 billion, a price-to-earnings ratio of 55.28, a price-to-earnings-growth ratio of 3.43 and a beta of 1.05.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Monday, September 20th. The software company reported $3.11 earnings per share for the quarter, beating 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 business had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter last year, the business posted $2.12 earnings per share. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc. will post 10.52 EPS for the current fiscal year.

About Adobe

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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