UMB Bank n.a. Purchases 31 Shares of Adobe Inc. (NASDAQ:ADBE)

UMB Bank n.a. increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,654 shares of the software company’s stock after acquiring an additional 31 shares during the period. UMB Bank n.a.’s holdings in Adobe were worth $10,694,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Tradewinds Capital Management LLC grew its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC bought a new stake in shares of Adobe in the second quarter valued at $33,000. Lynx Investment Advisory purchased a new position in shares of Adobe during the 2nd quarter valued at $39,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Adobe during the 2nd quarter worth $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 1.1 %

Shares of ADBE traded up $5.58 during trading hours on Thursday, hitting $499.66. The company had a trading volume of 673,035 shares, compared to its average volume of 3,219,640. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The firm has a fifty day moving average price of $538.76 and a 200-day moving average price of $515.91. The stock has a market capitalization of $221.55 billion, a price-to-earnings ratio of 44.79, a P/E/G ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company earned $3.26 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,759 shares of company stock worth $17,642,653. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADBE. Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Citigroup boosted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Robert W. Baird raised their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Wells Fargo & Company raised their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Company 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.