Adobe Inc. (NASDAQ:ADBE) Shares Sold by Park National Corp OH

Park National Corp OH trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,343 shares of the software company’s stock after selling 284 shares during the period. Park National Corp OH’s holdings in Adobe were worth $2,191,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of ADBE. Wetzel Investment Advisors Inc. purchased a new position in Adobe during the fourth quarter valued at approximately $35,000. Hanseatic Management Services Inc. acquired a new position in Adobe in the 3rd quarter worth about $45,000. Vima LLC purchased a new position in Adobe during the fourth quarter worth approximately $55,000. Pineridge Advisors LLC purchased a new position in Adobe during the fourth quarter worth approximately $60,000. Finally, Scarborough Advisors LLC purchased a new position in Adobe during the fourth quarter worth approximately $61,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent analyst reports. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Friday, June 14th. BMO Capital Markets increased their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. TD Cowen lowered their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Finally, Bank of America decreased their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe Trading Up 0.7 %

ADBE opened at $522.25 on Wednesday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The business has a fifty day simple moving average of $475.91 and a 200-day simple moving average of $538.80. The firm has a market cap of $233.97 billion, a P/E ratio of 46.92, a P/E/G ratio of 2.72 and a beta of 1.27. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business posted $3.04 earnings per share. On average, equities analysts expect that Adobe Inc. will post 14.65 earnings per share for the current year.

Adobe announced that its Board of Directors has initiated a share buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,270 shares of company stock worth $1,563,166. Company insiders own 0.15% of the company’s stock.

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.