United Bank Has $1.57 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

United Bank boosted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 36.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,535 shares of the software company's stock after purchasing an additional 939 shares during the period. United Bank's holdings in Adobe were worth $1,572,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Legacy Investment Solutions LLC purchased a new position in Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment boosted its stake in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock valued at $27,000 after buying an additional 11,522 shares during the period. True Wealth Design LLC grew its holdings in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company's stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. Decker Retirement Planning Inc. acquired a new position in shares of Adobe in the fourth quarter worth $31,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Adobe during the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

Adobe stock traded up $3.43 on Wednesday, hitting $386.63. The company's stock had a trading volume of 1,347,348 shares, compared to its average volume of 3,322,007. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The firm has a market cap of $164.78 billion, a P/E ratio of 31.18, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. 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 fifty day moving average price of $429.81 and a 200-day moving average price of $466.40.

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Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the previous year, the firm posted $4.48 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

ADBE has been the subject of several analyst reports. Redburn Atlantic assumed coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. BMO Capital Markets lowered their price target on Adobe from $515.00 to $495.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Finally, UBS Group set a $495.00 price objective on shares of Adobe in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $531.54.

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.