UMB Bank n.a. Purchases 13,531 Shares of Adobe Inc. (NASDAQ:ADBE)

UMB Bank n.a. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 133.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,657 shares of the software company's stock after purchasing an additional 13,531 shares during the period. UMB Bank n.a.'s holdings in Adobe were worth $9,073,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ADBE. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth approximately $2,553,035,000. GAMMA Investing LLC grew its position in shares of Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. Proficio Capital Partners LLC grew its position in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after acquiring an additional 952,233 shares during the period. Finally, Two Sigma Advisers LP lifted its holdings in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after acquiring an additional 830,300 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Activity

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Mizuho cut their price target on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. 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. Stifel Nicolaus cut their price target on shares of Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. cut their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Oppenheimer cut their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $503.33.

Adobe Trading Down 0.8%

Shares of ADBE stock traded down $3.22 during trading hours on Wednesday, hitting $412.84. 3,376,993 shares of the company's stock traded hands, compared to its average volume of 3,408,294. The stock's 50 day simple moving average is $384.27 and its 200 day simple moving average is $423.37. The stock has a market cap of $175.95 billion, a PE ratio of 33.29, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate 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 firm earned $4.48 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

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.