Parkside Financial Bank & Trust Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Parkside Financial Bank & Trust reduced its position in Adobe Inc. (NASDAQ:ADBE) by 7.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 2,152 shares of the software company’s stock after selling 162 shares during the period. Parkside Financial Bank & Trust’s holdings in Adobe were worth $957,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ADBE. Connable Office Inc. grew its stake in shares of Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares in the last quarter. 1ST Source Bank grew its stake in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after acquiring an additional 20 shares in the last quarter. James J. Burns & Company LLC grew its stake in shares of Adobe by 5.6% during the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after acquiring an additional 22 shares in the last quarter. Holistic Financial Partners grew its stake in shares of Adobe by 6.0% during the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after acquiring an additional 22 shares in the last quarter. Finally, Latitude Advisors LLC grew its stake in shares of Adobe by 4.3% during the third quarter. Latitude Advisors LLC now owns 555 shares of the software company’s stock valued at $287,000 after acquiring an additional 23 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’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 transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by insiders.

Adobe Price Performance

NASDAQ ADBE opened at $437.19 on Friday. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $190.31 billion, a PE ratio of 35.26, a P/E/G ratio of 2.15 and a beta of 1.31. The company’s 50 day simple moving average is $439.88 and its 200 day simple moving average is $491.88.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.52 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Piper Sandler reduced their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Wells Fargo & Company reduced their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. Finally, Barclays cut their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $570.88.

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.