OLD National Bancorp IN Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

OLD National Bancorp IN cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 43,429 shares of the software company's stock after selling 1,673 shares during the period. OLD National Bancorp IN's holdings in Adobe were worth $16,656,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Geode Capital Management LLC increased its holdings in Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after acquiring an additional 151,286 shares during the period. Norges Bank bought a new position in shares of Adobe in the fourth quarter worth $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp raised its position in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after buying an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC boosted its stake in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after buying an additional 696,172 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.16% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on ADBE shares. Morgan Stanley reduced their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Bank of America cut their price objective on Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a report on Thursday, March 13th. UBS Group upped their price objective on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday. Jefferies Financial Group dropped their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Finally, Wells Fargo & Company cut their price target on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. 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 company's stock. According to data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and a consensus target price of $504.81.

Adobe Trading Down 0.2%

Shares of NASDAQ:ADBE traded down $0.66 during midday trading on Monday, hitting $416.26. 3,032,627 shares of the stock traded hands, compared to its average volume of 3,407,988. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $177.41 billion, a PE ratio of 33.57, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The business's 50 day moving average is $381.41 and its two-hundred day moving average is $424.16.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 EPS. As a group, research analysts forecast that Adobe Inc. will post 16.65 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.