Parkside Financial Bank & Trust Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Parkside Financial Bank & Trust boosted its position in Adobe Inc. (NASDAQ:ADBE) by 4.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,174 shares of the software company’s stock after purchasing an additional 96 shares during the period. Parkside Financial Bank & Trust’s holdings in Adobe were worth $1,297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. One Charles Private Wealth Services LLC grew its position in shares of Adobe by 2.2% in the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after purchasing an additional 17 shares during the period. Invst LLC raised its holdings in shares of Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares during the last quarter. Raleigh Capital Management Inc. boosted its stake in shares of Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after acquiring an additional 17 shares during the last quarter. Lantz Financial LLC increased its position in shares of Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management raised its stake in Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. Oppenheimer reaffirmed an “outperform” rating and set a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. Bank of America decreased their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders have sold 984 shares of company stock valued at $577,171 in the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.5 %

Shares of Adobe stock traded up $2.38 during trading hours on Wednesday, reaching $475.28. 431,247 shares of the company were exchanged, compared to its average volume of 3,502,011. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The firm has a market cap of $212.93 billion, a PE ratio of 45.21, a PEG ratio of 2.53 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock’s fifty day moving average is $521.61 and its 200 day moving average is $565.95.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the firm posted $2.97 earnings per share. The company’s revenue was up 11.3% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

About Adobe

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.