First Hawaiian Bank Has $6.36 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

First Hawaiian Bank reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 27.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 13,013 shares of the software company’s stock after selling 4,999 shares during the quarter. First Hawaiian Bank’s holdings in Adobe were worth $6,363,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ADBE. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth approximately $1,757,029,000. Moneta Group Investment Advisors LLC increased its holdings in Adobe by 115,991.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after buying an additional 3,245,427 shares during the last quarter. Morgan Stanley raised its position in Adobe by 17.7% during the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after acquiring an additional 1,471,861 shares in the last quarter. GQG Partners LLC acquired a new stake in Adobe in the first quarter valued at $557,101,000. Finally, Alyeska Investment Group L.P. grew its position in shares of Adobe by 663.4% in the 1st quarter. Alyeska Investment Group L.P. now owns 827,174 shares of the software company’s stock valued at $318,768,000 after acquiring an additional 718,822 shares during the period. 80.00% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the sale, the chief executive officer now owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the completion of the sale, the chief executive officer now directly owns 403,352 shares in the company, valued at approximately $192,814,356.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Dana Rao sold 2,600 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $480.21, for a total value of $1,248,546.00. Following the transaction, the executive vice president now directly owns 17,466 shares in the company, valued at $8,387,347.86. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,089 shares of company stock worth $20,720,115. 0.24% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADBE. Wells Fargo & Company raised their target price on shares of Adobe from $600.00 to $625.00 and gave the company an “overweight” rating in a research note on Tuesday. BMO Capital Markets lifted their target price on shares of Adobe from $600.00 to $640.00 and gave the stock an “outperform” rating in a report on Tuesday. 888 restated a “maintains” rating on shares of Adobe in a research report on Friday, June 16th. StockNews.com started coverage on Adobe in a report on Thursday, August 17th. They set a “buy” rating for the company. Finally, Robert W. Baird upped their price target on shares of Adobe from $500.00 to $540.00 in a research note on Friday. Ten equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $565.04.

Adobe Stock Performance

NASDAQ:ADBE opened at $552.16 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a fifty-two week low of $274.73 and a fifty-two week high of $570.24. The company has a 50 day simple moving average of $527.79 and a two-hundred day simple moving average of $439.90. The company has a market capitalization of $251.67 billion, a PE ratio of 52.69, a P/E/G ratio of 3.32 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter last year, the firm earned $2.63 earnings per share. Adobe’s quarterly revenue was up 10.3% on a year-over-year basis. Research analysts anticipate that Adobe Inc. will post 12.56 earnings per share for the current year.

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.