German American Bancorp Inc. lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% during the 3rd quarter, Holdings Channel reports. The firm owned 1,049 shares of the software company’s stock after purchasing an additional 20 shares during the quarter. German American Bancorp Inc.’s holdings in Adobe were worth $604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently added to or reduced their stakes in ADBE. OLD Mission Capital LLC bought a new stake in Adobe in the 3rd quarter valued at about $217,000. Meitav Dash Investments Ltd. raised its position in shares of Adobe by 11.2% in the 2nd quarter. Meitav Dash Investments Ltd. now owns 63,857 shares of the software company’s stock valued at $37,414,000 after buying an additional 6,438 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Adobe by 12.6% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 88,624 shares of the software company’s stock valued at $51,902,000 after buying an additional 9,886 shares in the last quarter. Isthmus Partners LLC acquired a new position in shares of Adobe in the 2nd quarter valued at approximately $73,000. Finally, Dynamic Advisor Solutions LLC raised its position in shares of Adobe by 1.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 4,872 shares of the software company’s stock valued at $2,853,000 after buying an additional 52 shares in the last quarter. Institutional investors own 81.49% of the company’s stock.
Shares of ADBE stock traded down $2.85 during mid-day trading on Friday, reaching $514.05. 46,033 shares of the company’s stock traded hands, compared to its average volume of 3,839,505. Adobe Inc. has a 12 month low of $420.78 and a 12 month high of $699.54. The company has a market cap of $244.89 billion, a P/E ratio of 51.59, a P/E/G ratio of 2.78 and a beta of 1.01. The company has a quick ratio of 1.39, a current ratio of 1.25 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $612.23 and its 200-day moving average price is $620.22.
In other news, CAO Mark S. Garfield sold 474 shares of the company’s stock in a transaction dated Monday, December 20th. The shares were sold at an average price of $545.61, for a total transaction of $258,619.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Dana Rao sold 489 shares of the stock in a transaction that occurred on Tuesday, October 26th. The stock was sold at an average price of $650.91, for a total transaction of $318,294.99. The disclosure for this sale can be found here. In the last three months, insiders sold 4,379 shares of company stock valued at $2,507,566. 0.23% of the stock is owned by insiders.
A number of research firms recently issued reports on ADBE. The Goldman Sachs Group reiterated a “buy” rating and set a $765.00 price objective on shares of Adobe in a research report on Tuesday, October 19th. Atlantic Securities upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and upped their price target for the company from $600.00 to $820.00 in a research report on Monday, November 22nd. Stifel Nicolaus upped their price target on shares of Adobe from $725.00 to $750.00 and gave the company a “buy” rating in a research report on Wednesday, September 22nd. Guggenheim reaffirmed a “hold” rating on shares of Adobe in a research note on Monday, December 20th. Finally, Credit Suisse Group initiated coverage on shares of Adobe in a research note on Tuesday, November 16th. They issued a “neutral” rating and a $700.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $666.56.
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
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