Independence Bank of Kentucky boosted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 50.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,324 shares of the software company's stock after buying an additional 1,447 shares during the period. Independence Bank of Kentucky's holdings in Adobe were worth $1,923,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp raised its position in shares of Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company's stock worth $10,495,544,000 after buying an additional 234,909 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company's stock valued at $5,435,377,000 after acquiring an additional 147,981 shares in the last quarter. FMR LLC boosted its position in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company's stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company's stock worth $2,516,196,000 after purchasing an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company's stock worth $2,455,079,000 after purchasing an additional 140,390 shares during the last quarter. Institutional investors own 81.79% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have issued reports on ADBE shares. Citigroup dropped their target price on shares of Adobe from $616.00 to $590.00 and set a "neutral" rating for the company in a research report on Monday, December 9th. Wells Fargo & Company cut their target price on shares of Adobe from $700.00 to $640.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock in a research report on Thursday, December 12th. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Finally, Mizuho decreased their price objective on Adobe from $640.00 to $620.00 and set an "outperform" rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $573.00.
Get Our Latest Stock Report on Adobe
Insiders Place Their Bets
In other news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by corporate insiders.
Adobe Stock Down 1.9 %
Shares of NASDAQ ADBE opened at $437.45 on Friday. The firm has a fifty day simple moving average of $461.97 and a two-hundred day simple moving average of $503.85. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $190.42 billion, a PE ratio of 35.28, a price-to-earnings-growth ratio of 2.14 and a beta of 1.31.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts' expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business's revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.52 EPS. Equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.
About Adobe
(
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.
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