Stock Yards Bank & Trust Co. Has $23.11 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Stock Yards Bank & Trust Co. raised its position in Adobe Inc. (NASDAQ:ADBE) by 9.7% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 41,602 shares of the software company’s stock after acquiring an additional 3,670 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Adobe were worth $23,112,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Steph & Co. increased its stake in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares in the last quarter. Choreo LLC raised its holdings in shares of Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after acquiring an additional 197 shares during the last quarter. Eagle Asset Management Inc. lifted its position in Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after acquiring an additional 3,120 shares in the last quarter. Finally, Quest Partners LLC lifted its position in Adobe by 23.3% in the 2nd quarter. Quest Partners LLC now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 111 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $521.50 on Tuesday. The firm has a market capitalization of $231.23 billion, a PE ratio of 46.86, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average price of $552.68 and a two-hundred day moving average price of $519.46. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the firm earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. TD Cowen lowered their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Mizuho reissued a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Melius Research reaffirmed a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Barclays increased their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Friday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $606.58.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The disclosure for this sale can be found here. Insiders sold a total of 27,259 shares of company stock worth $14,855,543 in the last quarter. 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.