Independence Bank of Kentucky Purchases 171 Shares of Adobe Inc. (NASDAQ:ADBE)

Independence Bank of Kentucky lifted its position in Adobe Inc. (NASDAQ:ADBE) by 35.3% in the first quarter, Holdings Channel.com reports. The institutional investor owned 655 shares of the software company’s stock after buying an additional 171 shares during the period. Independence Bank of Kentucky’s holdings in Adobe were worth $331,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe during the 4th quarter valued at about $35,000. Steph & Co. boosted its holdings in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Vima LLC bought a new position in Adobe in the fourth quarter valued at $55,000. Pineridge Advisors LLC acquired a new stake in Adobe in the 4th quarter valued at $60,000. Finally, Scarborough Advisors LLC bought a new stake in Adobe during the 4th quarter worth about $61,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $555.54 on Friday. The company has a market cap of $246.33 billion, a price-to-earnings ratio of 49.91, a PEG ratio of 2.85 and a beta of 1.27. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The stock has a fifty day moving average price of $485.04 and a 200-day moving average price of $534.90.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $3.04 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Sanford C. Bernstein upped their price target on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Finally, Barclays lifted their price objective on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock worth $15,165,916 over the last three months. Corporate insiders own 0.15% of the company’s stock.

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.