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

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

Other large investors also recently bought and sold shares of the company. Concentrum Wealth Management grew its stake in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. International Assets Investment Management LLC purchased a new position in Adobe in the fourth quarter valued at about $875,592,000. Invesco Ltd. lifted its position in shares of 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. Jennison Associates LLC boosted its stake in shares of Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after acquiring an additional 498,957 shares in the last quarter. Finally, Alkeon Capital Management LLC purchased a new position in Adobe in the 3rd quarter valued at approximately $152,970,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

ADBE has been the topic of a number of research analyst reports. Oppenheimer reiterated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a report on Thursday, January 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. HSBC dropped their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Finally, Piper Sandler Companies lowered their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Up 0.5 %

ADBE traded up $2.38 during midday trading on Wednesday, hitting $475.28. 431,247 shares of the company’s stock traded hands, compared to its average volume of 3,502,011. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $212.93 billion, a PE ratio of 45.21, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28. The stock’s fifty day simple moving average is $521.61 and its 200-day simple moving average is $565.95. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $2.97 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has initiated a share buyback program 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

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.