Citizens Business Bank Takes Position in Adobe Inc. (NASDAQ:ADBE)

Citizens Business Bank bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, Holdings Channel reports. The institutional investor bought 473 shares of the software company’s stock, valued at approximately $210,000.

Several other institutional investors have also recently added to or reduced their stakes in ADBE. Diversified Trust Co grew its stake in Adobe by 27.6% during the 4th quarter. Diversified Trust Co now owns 8,222 shares of the software company’s stock worth $3,656,000 after buying an additional 1,776 shares during the last quarter. Northcape Capital Pty Ltd grew its position in shares of Adobe by 44.4% during the fourth quarter. Northcape Capital Pty Ltd now owns 5,155 shares of the software company’s stock worth $2,292,000 after acquiring an additional 1,585 shares during the last quarter. Fulton Bank N.A. increased its holdings in shares of Adobe by 3.2% in the 4th quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock valued at $7,195,000 after acquiring an additional 499 shares during the period. Fortitude Family Office LLC raised its position in Adobe by 15.6% in the 4th quarter. Fortitude Family Office LLC now owns 200 shares of the software company’s stock valued at $89,000 after purchasing an additional 27 shares during the last quarter. Finally, ORG Partners LLC boosted its stake in Adobe by 64.4% during the 4th quarter. ORG Partners LLC now owns 513 shares of the software company’s stock worth $228,000 after purchasing an additional 201 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Oppenheimer dropped their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Summit Redstone set a $410.00 price target on shares of Adobe in a report on Wednesday, March 19th. Finally, DA Davidson lowered their price objective on Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Adobe Stock Up 0.5 %

ADBE stock opened at $384.97 on Thursday. The firm has a market cap of $164.07 billion, a price-to-earnings ratio of 31.05, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a fifty day moving average price of $382.06 and a two-hundred day moving average price of $438.62. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the company posted $4.48 earnings per share. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is owned by company insiders.

About Adobe

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.