Adobe Inc. (NASDAQ:ADBE) Holdings Lifted by United Bank

United Bank increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 36.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,535 shares of the software company’s stock after acquiring 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.

A number of other institutional investors have also recently bought and sold shares of the business. Legacy Investment Solutions LLC purchased a new position in Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment grew its holdings 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 acquiring an additional 11,522 shares in the last quarter. 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 fourth quarter worth $31,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ ADBE opened at $385.71 on Friday. 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 stock has a market cap of $164.39 billion, a P/E ratio of 31.11, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The company’s 50-day simple moving average is $431.81 and its 200 day simple moving average is $469.69.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the firm posted $4.48 EPS. As a group, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have commented on ADBE shares. Royal Bank of Canada restated an “outperform” rating and issued a $530.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Evercore ISI dropped their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Finally, Bank of America reduced their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $533.85.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by corporate insiders.

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.