OLD National Bancorp IN Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

OLD National Bancorp IN increased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,086 shares of the software company's stock after purchasing an additional 1,059 shares during the period. OLD National Bancorp IN's holdings in Adobe were worth $23,345,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ADBE. Piscataqua Savings Bank grew its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock valued at $25,000 after acquiring an additional 34 shares during the period. Tradewinds Capital Management LLC lifted its holdings in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company's stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company's stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC bought a new stake in shares of Adobe during the 2nd quarter valued at $33,000. Finally, Lynx Investment Advisory bought a new stake in Adobe during the second quarter valued at about $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Friday, September 13th. Piper Sandler restated an "overweight" rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Bank of America reaffirmed a "buy" rating and issued a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. UBS Group cut their price target on Adobe from $560.00 to $550.00 and set a "neutral" rating on the stock in a research note on Friday, September 13th. Finally, Piper Sandler Companies restated an "overweight" rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $606.40.

Adobe Stock Performance

Adobe stock traded down $1.93 during mid-day trading on Friday, hitting $494.90. The company had a trading volume of 2,011,121 shares, compared to its average volume of 3,216,828. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $219.44 billion, a price-to-earnings ratio of 44.47, a P/E/G ratio of 2.55 and a beta of 1.29. The company's fifty day moving average is $535.45 and its 200-day moving average is $515.91. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business earned $3.26 earnings per share. The firm's revenue was up 10.6% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 14.8 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the company's stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company's stock, valued at $1,501,989. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company's stock, valued at $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company's stock, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,608 shares of company stock valued at $17,486,391. Company insiders own 0.15% of the company's stock.

Adobe 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.