Adobe Inc. (NASDAQ:ADBE) Shares Bought by Sunflower Bank N.A.

Sunflower Bank N.A. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 15.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,024 shares of the software company’s stock after acquiring an additional 134 shares during the quarter. Sunflower Bank N.A.’s holdings in Adobe were worth $455,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. CoreCap Advisors LLC acquired a new stake in shares of Adobe during the second quarter valued at approximately $380,000. J.W. Cole Advisors Inc. lifted its holdings in shares of Adobe by 9.1% in the second quarter. J.W. Cole Advisors Inc. now owns 4,512 shares of the software company’s stock valued at $2,507,000 after purchasing an additional 377 shares in the last quarter. Seven Mile Advisory boosted its position in shares of Adobe by 12.8% in the second quarter. Seven Mile Advisory now owns 1,085 shares of the software company’s stock worth $603,000 after buying an additional 123 shares during the period. Diversify Wealth Management LLC purchased a new position in shares of Adobe during the second quarter valued at $6,320,000. Finally, Breakwater Investment Management raised its position in Adobe by 32.0% during the second quarter. Breakwater Investment Management now owns 367 shares of the software company’s stock valued at $204,000 after buying an additional 89 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently commented on ADBE. UBS Group lowered their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. BMO Capital Markets dropped their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Piper Sandler reduced their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Two investment 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $575.85.

Adobe Stock Performance

Shares of ADBE traded up $2.58 during trading hours on Monday, reaching $408.50. 4,312,571 shares of the company traded hands, compared to its average volume of 4,240,533. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s fifty day moving average is $484.01 and its 200 day moving average is $517.00. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25. The stock has a market cap of $179.82 billion, a P/E ratio of 32.94, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the company posted $3.52 earnings per share. Adobe’s revenue was up 11.1% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

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.