Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Amalgamated Bank

Amalgamated Bank raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,041 shares of the software company’s stock after purchasing an additional 798 shares during the period. Amalgamated Bank’s holdings in Adobe were worth $50,246,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Salomon & Ludwin LLC raised its stake in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. TFB Advisors LLC raised its stake in shares of Adobe by 44.7% in the 1st quarter. TFB Advisors LLC now owns 618 shares of the software company’s stock valued at $290,000 after acquiring an additional 191 shares in the last quarter. Avidian Wealth Solutions LLC raised its stake in shares of Adobe by 2.8% in the 1st quarter. Avidian Wealth Solutions LLC now owns 1,463 shares of the software company’s stock valued at $738,000 after acquiring an additional 40 shares in the last quarter. Catalina Capital Group LLC raised its stake in shares of Adobe by 151.2% in the 1st quarter. Catalina Capital Group LLC now owns 1,211 shares of the software company’s stock valued at $611,000 after acquiring an additional 729 shares in the last quarter. Finally, CV Advisors LLC raised its stake in shares of Adobe by 8.6% in the 1st quarter. CV Advisors LLC now owns 3,658 shares of the software company’s stock valued at $1,846,000 after acquiring an additional 290 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Adobe stock opened at $481.35 on Tuesday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock’s 50 day moving average is $520.61 and its 200-day moving average is $516.26. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $211.89 billion, a price-to-earnings ratio of 40.65, a PEG ratio of 2.49 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $3.26 EPS. Equities research analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ADBE. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. 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. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 0.00 % 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. Insiders own 0.15% of the company’s stock.

Adobe Company Profile

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.