Stock Yards Bank & Trust Co. trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,739 shares of the software company's stock after selling 1,588 shares during the quarter. Stock Yards Bank & Trust Co.'s holdings in Adobe were worth $13,707,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also modified their holdings of ADBE. Brighton Jones LLC lifted its stake in shares of Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in Adobe during the 4th quarter valued at $76,712,000. Stanley Laman Group Ltd. raised its stake in Adobe by 87.2% during the 4th quarter. Stanley Laman Group Ltd. now owns 777 shares of the software company's stock valued at $346,000 after purchasing an additional 362 shares during the last quarter. IMS Capital Management raised its stake in Adobe by 2.7% during the 4th quarter. IMS Capital Management now owns 2,915 shares of the software company's stock valued at $1,296,000 after purchasing an additional 76 shares during the last quarter. Finally, Bogart Wealth LLC raised its stake in Adobe by 8.1% during the 4th quarter. Bogart Wealth LLC now owns 13,981 shares of the software company's stock valued at $6,217,000 after purchasing an additional 1,043 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on ADBE shares. DA Davidson cut their target price on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Piper Sandler cut their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Oppenheimer cut their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday. Finally, Bank of America lifted their price target on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $494.67.
Read Our Latest Stock Report on ADBE
Insiders Place Their Bets
In related news, CFO Daniel Durn acquired 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value 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 $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company's stock.
Adobe Stock Down 5.3%
Shares of ADBE stock traded down $22.00 during trading on Friday, reaching $391.68. The company's stock had a trading volume of 10,618,205 shares, compared to its average volume of 3,427,246. The business has a fifty day moving average price of $386.76 and a 200-day moving average price of $421.72. 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 company has a market cap of $166.93 billion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth 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.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the firm posted $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.
Adobe Company Profile
(
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.
Recommended Stories
Before you consider Adobe, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Adobe wasn't on the list.
While Adobe currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
