OLD National Bancorp IN grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) 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.
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.
Get Our Latest Stock Analysis on Adobe
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.
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