Adobe Inc. (NASDAQ:ADBE) Shares Bought by OLD National Bancorp IN

OLD National Bancorp IN grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.2% in the second quarter, HoldingsChannel reports. The fund owned 44,027 shares of the software company’s stock after buying an additional 1,380 shares during the period. Adobe makes up about 0.6% of OLD National Bancorp IN’s portfolio, making the stock its 29th largest holding. OLD National Bancorp IN’s holdings in Adobe were worth $24,459,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC lifted its holdings in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the period. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at $35,000. Lynx Investment Advisory acquired a new stake in shares of Adobe in the second quarter valued at $39,000. Finally, Steph & Co. lifted its holdings in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 1.1 %

ADBE stock traded up $6.06 during mid-day trading on Friday, hitting $536.30. The stock had a trading volume of 1,272,331 shares, compared to its average volume of 3,346,469. The stock has a market capitalization of $237.80 billion, a price-to-earnings ratio of 48.19, a PEG ratio of 2.85 and a beta of 1.30. The company has a fifty day moving average of $528.34 and a 200 day moving average of $526.14. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ADBE. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Melius Research reaffirmed a “hold” rating and set a $510.00 target price on shares of Adobe in a report on Monday, June 10th. BMO Capital Markets upped their target price on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Piper Sandler reduced their target price on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Finally, Stifel Nicolaus reduced their target price on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $601.38.

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.