Field & Main Bank Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Field & Main Bank lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 0.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,946 shares of the software company’s stock after buying an additional 30 shares during the period. Adobe comprises about 1.0% of Field & Main Bank’s holdings, making the stock its 29th biggest position. Field & Main Bank’s holdings in Adobe were worth $2,354,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Morgan Stanley boosted its holdings in Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares during the period. Northern Trust Corp boosted its holdings in Adobe by 3.9% during the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after acquiring an additional 202,136 shares during the period. Jennison Associates LLC boosted its holdings in Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares during the period. Invesco Ltd. boosted its holdings in Adobe by 25.1% during the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares during the period. Finally, Concentrum Wealth Management boosted its holdings in Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after acquiring an additional 2,148,978 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE stock traded down $3.18 during trading on Tuesday, reaching $469.89. The company had a trading volume of 697,124 shares, compared to its average volume of 3,457,048. The firm has a 50-day simple moving average of $513.87 and a 200-day simple moving average of $564.05. The company has a market cap of $210.51 billion, a price-to-earnings ratio of 44.98, a price-to-earnings-growth ratio of 2.59 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. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released 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. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the business earned $2.97 EPS. As a group, sell-side analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has authorized a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ADBE. HSBC dropped their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Robert W. Baird lowered their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler Companies lowered their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, KeyCorp initiated coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 293 shares of company stock worth $137,656. 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.