Huntington National Bank Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Huntington National Bank lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,013 shares of the software company's stock after selling 10,388 shares during the period. Huntington National Bank's holdings in Adobe were worth $19,127,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. Legacy Investment Solutions LLC bought a new position in shares of Adobe during the third quarter worth approximately $26,000. Groupama Asset Managment increased its position in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock worth $27,000 after purchasing an additional 11,522 shares during the period. Decker Retirement Planning Inc. acquired a new position in Adobe in the fourth quarter valued at about $31,000. Summit Securities Group LLC bought a new stake in Adobe during the fourth quarter worth about $31,000. Finally, Caitlin John LLC grew its stake in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after buying an additional 48 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the firm's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares of the company's stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company's stock.

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Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a report on Thursday, December 12th. Sanford C. Bernstein reduced their price objective on Adobe from $644.00 to $587.00 and set an "outperform" rating on the stock in a research note on Thursday, December 12th. Finally, Stifel Nicolaus dropped their target price 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. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $531.54.

Adobe Stock Down 4.8 %

ADBE stock traded down $18.53 during trading on Thursday, reaching $367.25. 5,319,125 shares of the stock were exchanged, compared to its average volume of 3,336,670. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $365.86 and a twelve month high of $587.75. The firm's 50 day moving average is $428.78 and its 200 day moving average is $465.84. The firm has a market cap of $156.52 billion, a P/E ratio of 29.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the firm posted $4.48 EPS. As a group, research analysts forecast 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.