Oakworth Capital Inc. Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Oakworth Capital Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 9.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,142 shares of the software company’s stock after purchasing an additional 98 shares during the quarter. Oakworth Capital Inc.’s holdings in Adobe were worth $508,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Piscataqua Savings Bank raised its holdings in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the period. Legacy Investment Solutions LLC purchased a new position in shares of Adobe in the 3rd quarter valued at about $26,000. Groupama Asset Managment boosted its stake in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the 3rd quarter worth about $30,000. Finally, True Wealth Design LLC raised its position 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 worth $30,000 after acquiring an additional 34 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 5,681 shares of company stock worth $2,525,126. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $437.63 on Thursday. The stock has a market cap of $190.50 billion, a PE ratio of 35.29, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The stock has a 50-day moving average price of $457.14 and a two-hundred day moving average price of $500.93. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $628.07.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business posted $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the topic of several research analyst reports. Royal Bank of Canada cut their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Citigroup lowered their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Stifel Nicolaus reduced their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Wells Fargo & Company cut their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $573.00.

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.