American National Bank Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

American National Bank lessened its stake in Adobe Inc. (NASDAQ:ADBEFree Report) by 3.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 4,620 shares of the software company’s stock after selling 158 shares during the period. American National Bank’s holdings in Adobe were worth $2,259,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. VELA Investment Management LLC boosted its stake in shares of Adobe by 122.2% in the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after buying an additional 1,077 shares in the last quarter. Bornite Capital Management LP purchased a new stake in shares of Adobe in the first quarter valued at approximately $15,947,000. United Bank boosted its holdings in Adobe by 34.7% during the first quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after buying an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Adobe by 21.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after buying an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC boosted its holdings in Adobe by 138.3% during the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after buying an additional 3,860 shares in the last quarter. 80.00% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Adobe stock opened at $532.42 on Tuesday. The stock’s 50-day moving average is $530.08 and its 200-day moving average is $443.78. The company has a market cap of $242.68 billion, a price-to-earnings ratio of 47.92, a price-to-earnings-growth ratio of 3.17 and a beta of 1.33. 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:ADBEGet Free Report) last issued its earnings results on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter last year, the firm posted $2.63 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc. will post 12.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ADBE. Mizuho reissued a “buy” rating and set a $630.00 price objective on shares of Adobe in a report on Friday. BMO Capital Markets boosted their target price on Adobe from $600.00 to $640.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 12th. Wells Fargo & Company boosted their target price on Adobe from $600.00 to $625.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 12th. Robert W. Baird upped their price target on shares of Adobe from $500.00 to $540.00 and gave the company a “neutral” rating in a report on Friday. Finally, The Goldman Sachs Group upped their price target on shares of Adobe from $550.00 to $625.00 and gave the company a “buy” rating in a report on Friday. Nine investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $586.38.

Check Out Our Latest Analysis on ADBE

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction of $156,968.52. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,135,930.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Shantanu Narayen sold 35,000 shares of Adobe stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the sale, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction 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 approximately $2,135,930.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,089 shares of company stock valued at $20,720,115. Corporate insiders own 0.24% of the company’s stock.

About Adobe

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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