Adobe Inc. (NASDAQ:ADBE) Shares Sold by Field & Main Bank

Field & Main Bank lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,580 shares of the software company’s stock after selling 50 shares during the period. Adobe comprises 1.4% of Field & Main Bank’s holdings, making the stock its 16th biggest holding. Field & Main Bank’s holdings in Adobe were worth $2,061,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Security National Bank grew its stake in shares of Adobe by 4.7% in the 3rd quarter. Security National Bank now owns 13,264 shares of the software company’s stock worth $7,636,000 after purchasing an additional 595 shares during the last quarter. TIAA FSB increased its position in shares of Adobe by 0.9% in the third quarter. TIAA FSB now owns 80,857 shares of the software company’s stock worth $46,551,000 after acquiring an additional 760 shares in the last quarter. Canton Hathaway LLC increased its position in shares of Adobe by 591.5% in the third quarter. Canton Hathaway LLC now owns 567 shares of the software company’s stock worth $326,000 after acquiring an additional 485 shares in the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its position in shares of Adobe by 8.7% in the third quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 10,078 shares of the software company’s stock worth $5,802,000 after acquiring an additional 807 shares in the last quarter. Finally, Stock Yards Bank & Trust Co. increased its position in shares of Adobe by 1.8% in the third quarter. Stock Yards Bank & Trust Co. now owns 29,644 shares of the software company’s stock worth $17,066,000 after acquiring an additional 532 shares in the last quarter. 81.72% of the stock is currently owned by institutional investors.

In related news, EVP Gloria Chen sold 42 shares of Adobe stock in a transaction dated Wednesday, November 24th. The stock was sold at an average price of $654.73, for a total transaction of $27,498.66. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Dana Rao sold 489 shares of the firm’s stock in a transaction dated Tuesday, October 26th. The stock was sold at an average price of $650.91, for a total transaction of $318,294.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,155 shares of company stock worth $27,445,489. 0.23% of the stock is owned by company insiders.

Shares of Adobe stock traded up $3.16 on Thursday, reaching $668.32. The stock had a trading volume of 2,426,171 shares, compared to its average volume of 2,221,317. The business’s 50-day moving average price is $630.58 and its two-hundred day moving average price is $602.04. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.39 and a current ratio of 1.39. Adobe Inc. has a fifty-two week low of $420.78 and a fifty-two week high of $699.54. The stock has a market cap of $318.39 billion, a P/E ratio of 55.28, a price-to-earnings-growth ratio of 3.43 and a beta of 1.05.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Monday, September 20th. The software company reported $3.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.10. Adobe had a net margin of 38.67% and a return on equity of 35.95%. The business had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the previous year, the company earned $2.12 earnings per share. Adobe’s revenue for the quarter was up 22.0% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 10.52 earnings per share for the current fiscal year.

Several research firms have recently weighed in on ADBE. Mizuho reissued a “buy” rating and issued a $695.00 target price (up from $640.00) on shares of Adobe in a research report on Friday, September 17th. Cowen reaffirmed a “buy” rating and set a $700.00 price objective on shares of Adobe in a research report on Wednesday, September 22nd. Oppenheimer boosted their price objective on shares of Adobe from $600.00 to $680.00 and gave the company an “outperform” rating in a research report on Wednesday, September 22nd. Morgan Stanley boosted their price objective on shares of Adobe from $610.00 to $736.00 and gave the company an “overweight” rating in a research report on Wednesday, September 15th. They noted that the move was a valuation call. Finally, Wells Fargo & Company reaffirmed a “buy” rating and set a $770.00 price objective on shares of Adobe in a research report on Thursday, October 21st. Five investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Buy” and a consensus target price of $693.80.

Adobe Company Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

Further Reading: Balance Sheet

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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