Tompkins Financial Corp Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Tompkins Financial Corp lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 11,872 shares of the software company’s stock after selling 193 shares during the quarter. Tompkins Financial Corp’s holdings in Adobe were worth $5,805,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ADBE. Roberts Wealth Advisors LLC boosted its holdings in shares of Adobe by 0.9% in the 2nd quarter. Roberts Wealth Advisors LLC now owns 6,848 shares of the software company’s stock worth $3,349,000 after purchasing an additional 60 shares during the period. Lantz Financial LLC boosted its holdings in shares of Adobe by 6.3% in the 2nd quarter. Lantz Financial LLC now owns 646 shares of the software company’s stock worth $316,000 after purchasing an additional 38 shares during the period. First National Bank of South Miami boosted its holdings in shares of Adobe by 12.6% in the 2nd quarter. First National Bank of South Miami now owns 411 shares of the software company’s stock worth $201,000 after purchasing an additional 46 shares during the period. Berkshire Bank boosted its holdings in shares of Adobe by 25.3% in the 2nd quarter. Berkshire Bank now owns 1,436 shares of the software company’s stock worth $702,000 after purchasing an additional 290 shares during the period. Finally, Marshall & Sullivan Inc. WA boosted its holdings in shares of Adobe by 1.4% in the 2nd quarter. Marshall & Sullivan Inc. WA now owns 12,574 shares of the software company’s stock worth $6,149,000 after purchasing an additional 179 shares during the period. Hedge funds and other institutional investors own 80.00% of the company’s stock.

Insider Activity

In other news, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,135,930.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 298 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $520.00, for a total value of $1,139,320.00. Following the completion of the sale, the executive vice president now directly owns 23,775 shares of the company’s stock, valued at approximately $12,363,000. The disclosure for this sale can be found here. Insiders have sold a total of 43,089 shares of company stock worth $20,720,115 over the last quarter. 0.24% of the stock is currently owned by corporate insiders.

Adobe Price Performance

ADBE stock traded up $0.15 during mid-day trading on Tuesday, reaching $532.57. 510,296 shares of the company’s stock were exchanged, compared to its average volume of 3,207,219. The company has a market cap of $242.75 billion, a price-to-earnings ratio of 48.00, a price-to-earnings-growth ratio of 3.17 and a beta of 1.33. The stock’s 50 day moving average is $530.08 and its 200 day moving average is $443.78. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.25 and a quick ratio of 1.16. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $570.24.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.98 by $0.11. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.63 earnings per share. On average, research analysts expect that Adobe Inc. will post 12.58 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ADBE. BMO Capital Markets lifted their target price on Adobe from $600.00 to $640.00 and gave the stock an “outperform” rating in a report on Tuesday, September 12th. Piper Jaffray Companies raised their price target on Adobe from $500.00 to $572.00 and gave the stock an “overweight” rating in a research note on Friday, June 16th. Atlantic Securities raised their price target on Adobe from $420.00 to $580.00 in a research note on Friday, June 16th. JPMorgan Chase & Co. raised their price target on Adobe from $490.00 to $530.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 13th. Finally, Jefferies Financial Group raised their price target on Adobe from $600.00 to $660.00 and gave the stock a “buy” rating in a research note on Monday, September 11th. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $588.15.

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.