Adobe Inc. (NASDAQ:ADBE) Stake Lowered by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.0% during the 4th quarter, HoldingsChannel reports. The fund owned 2,152 shares of the software company’s stock after selling 162 shares during the period. Parkside Financial Bank & Trust’s holdings in Adobe were worth $957,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ADBE. Swedbank AB grew its holdings in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares in the last quarter. MONECO Advisors LLC boosted its holdings in Adobe by 11.3% in the third quarter. MONECO Advisors LLC now owns 730 shares of the software company’s stock worth $378,000 after purchasing an additional 74 shares in the last quarter. Highline Wealth Partners LLC bought a new stake in Adobe in the third quarter worth $38,000. JFS Wealth Advisors LLC boosted its holdings in Adobe by 586.4% in the third quarter. JFS Wealth Advisors LLC now owns 1,057 shares of the software company’s stock worth $547,000 after purchasing an additional 903 shares in the last quarter. Finally, Tandem Capital Management Corp ADV bought a new stake in Adobe in the third quarter worth $858,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

NASDAQ:ADBE opened at $437.19 on Friday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. 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 firm has a market capitalization of $190.31 billion, a PE ratio of 35.26, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The firm has a 50-day moving average price of $439.88 and a 200 day moving average price of $491.88.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results 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 analyst estimates of $5.54 billion. During the same quarter in the prior year, the business posted $3.52 earnings per share. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ADBE. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 20th. Wells Fargo & Company decreased their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. BMO Capital Markets decreased their price objective on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. Bank of America cut their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Sanford C. Bernstein cut their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

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.