Field & Main Bank Acquires 30 Shares of Adobe Inc. (NASDAQ:ADBE)

Field & Main Bank increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,946 shares of the software company’s stock after acquiring an additional 30 shares during the quarter. Adobe makes up about 1.0% of Field & Main Bank’s holdings, making the stock its 29th largest position. Field & Main Bank’s holdings in Adobe were worth $2,354,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of ADBE. Concentrum Wealth Management grew its position 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 valued at $1,102,207,000 after acquiring an additional 2,148,978 shares during the period. International Assets Investment Management LLC purchased a new stake in Adobe in the fourth quarter worth $875,592,000. Invesco Ltd. raised its stake in Adobe by 25.1% in 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 lifted its holdings in Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after purchasing an additional 498,957 shares during the last quarter. Finally, Alkeon Capital Management LLC bought a new position in Adobe during the third quarter worth about $152,970,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.7 %

Shares of ADBE stock traded down $3.18 during mid-day trading on Tuesday, reaching $469.89. The stock had a trading volume of 697,124 shares, compared to its average volume of 3,457,048. The stock’s 50-day moving average price is $513.87 and its two-hundred day moving average price is $564.05. The firm has a market capitalization of $210.51 billion, a PE ratio of 44.98, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the company earned $2.97 EPS. Equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has approved 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 reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of analyst reports. Stifel Nicolaus cut their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. UBS Group decreased their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. KeyCorp started coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 target price on the stock. HSBC reduced their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling

In related news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock valued at $137,656 over the last quarter. 0.15% of the stock is owned by company insiders.

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.