Park National Corp OH cut its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 5.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,226 shares of the software company’s stock after selling 177 shares during the quarter. Park National Corp OH’s holdings in Adobe were worth $1,435,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Quest Partners LLC boosted its stake in Adobe by 23.3% in the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 111 shares in the last quarter. Headlands Technologies LLC grew its holdings in shares of Adobe by 18.9% during the 2nd quarter. Headlands Technologies LLC now owns 5,512 shares of the software company’s stock valued at $3,062,000 after purchasing an additional 878 shares during the last quarter. Angeles Wealth Management LLC grew its holdings in shares of Adobe by 27.2% during the 2nd quarter. Angeles Wealth Management LLC now owns 1,818 shares of the software company’s stock valued at $1,010,000 after purchasing an additional 389 shares during the last quarter. Blue Square Asset Management LLC increased its position in Adobe by 35.0% during the 2nd quarter. Blue Square Asset Management LLC now owns 4,768 shares of the software company’s stock worth $2,649,000 after purchasing an additional 1,235 shares in the last quarter. Finally, Greenwood Gearhart Inc. lifted its stake in Adobe by 3.5% in the 2nd quarter. Greenwood Gearhart Inc. now owns 18,138 shares of the software company’s stock valued at $10,076,000 after purchasing an additional 610 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on the stock. Barclays lowered their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $575.85.
Adobe Trading Down 0.7 %
NASDAQ:ADBE opened at $419.58 on Thursday. Adobe Inc. has a 12 month low of $415.51 and a 12 month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $184.70 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 2.51 and a beta of 1.31. The firm has a fifty day simple moving average of $486.71 and a two-hundred day simple moving average of $518.66.
Adobe (NASDAQ:ADBE – Get Free Report) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period last year, the business posted $3.52 EPS. Analysts expect that Adobe Inc. will post 16.73 EPS for the current fiscal year.
Insider Activity at Adobe
In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by company insiders.
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.
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