OLD National Bancorp IN lessened its position in Adobe Inc (NASDAQ:ADBE) by 0.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,954 shares of the software company’s stock after selling 433 shares during the period. OLD National Bancorp IN’s holdings in Adobe were worth $12,695,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of the business. Marquette Asset Management LLC boosted its holdings in shares of Adobe by 114.3% in the second quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock valued at $27,000 after buying an additional 48 shares during the period. JNBA Financial Advisors boosted its holdings in shares of Adobe by 666.7% in the second quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock valued at $27,000 after buying an additional 80 shares during the period. Manchester Financial Inc. acquired a new position in shares of Adobe in the second quarter valued at approximately $28,000. Hexavest Inc. boosted its holdings in shares of Adobe by 58.2% in the third quarter. Hexavest Inc. now owns 106 shares of the software company’s stock valued at $29,000 after buying an additional 39 shares during the period. Finally, Ellis Investment Partners LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $30,000. 86.35% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently weighed in on the stock. BidaskClub cut shares of Adobe from a “sell” rating to a “strong sell” rating in a report on Saturday. Credit Suisse Group set a $325.00 price target on shares of Adobe and gave the company a “buy” rating in a report on Tuesday, September 17th. JMP Securities reiterated a “hold” rating on shares of Adobe in a report on Wednesday, September 18th. Canaccord Genuity set a $320.00 target price on shares of Adobe and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, Stephens set a $327.00 target price on shares of Adobe and gave the stock a “buy” rating in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have given a buy rating to the company. Adobe presently has a consensus rating of “Hold” and an average target price of $301.04.
ADBE traded down $5.35 during trading hours on Tuesday, hitting $261.49. 2,334,846 shares of the company’s stock were exchanged, compared to its average volume of 2,900,300. The stock has a market cap of $128.53 billion, a price-to-earnings ratio of 47.12, a PEG ratio of 2.56 and a beta of 1.09. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.10. The stock’s 50-day moving average is $277.04 and its two-hundred day moving average is $283.86. Adobe Inc has a 1-year low of $204.95 and a 1-year high of $313.11.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.97 by $0.08. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.82 billion. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The company’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.73 earnings per share. On average, equities research analysts anticipate that Adobe Inc will post 6.39 EPS for the current year.
In other Adobe news, EVP Dana Rao sold 2,832 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $289.32, for a total transaction of $867,960.00. Following the completion of the sale, the executive vice president now owns 55,198 shares of the company’s stock, valued at approximately $15,969,885.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,832 shares of company stock valued at $3,359,226. Corporate insiders own 0.32% of the company’s stock.
Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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