Field & Main Bank Sells 150 Shares of Adobe Inc. (NASDAQ:ADBE)

Field & Main Bank trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,783 shares of the software company’s stock after selling 150 shares during the period. Field & Main Bank’s holdings in Adobe were worth $1,959,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Concurrent Investment Advisors LLC grew its stake in shares of Adobe by 23.4% during the first quarter. Concurrent Investment Advisors LLC now owns 4,102 shares of the software company’s stock worth $2,070,000 after buying an additional 779 shares during the last quarter. NorthRock Partners LLC raised its holdings in shares of Adobe by 30.6% in the 1st quarter. NorthRock Partners LLC now owns 4,657 shares of the software company’s stock worth $2,350,000 after acquiring an additional 1,091 shares during the last quarter. Meeder Advisory Services Inc. increased its stake in Adobe by 3.5% in the 1st quarter. Meeder Advisory Services Inc. now owns 6,463 shares of the software company’s stock valued at $3,261,000 after buying an additional 220 shares during the last quarter. Verus Capital Partners LLC increased its stake in Adobe by 16.4% in the 1st quarter. Verus Capital Partners LLC now owns 1,310 shares of the software company’s stock valued at $661,000 after buying an additional 185 shares during the last quarter. Finally, Donoghue Forlines LLC grew its position in shares of Adobe by 32.2% during the 1st quarter. Donoghue Forlines LLC now owns 4,895 shares of the software company’s stock valued at $2,470,000 after acquiring an additional 1,192 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of ADBE opened at $494.68 on Friday. The business’s 50 day moving average is $514.90 and its two-hundred day moving average is $516.42. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The firm has a market cap of $217.76 billion, a price-to-earnings ratio of 41.78, a PEG ratio of 2.60 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the company posted $3.26 EPS. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. Analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was 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 directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 in the last three months. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on ADBE shares. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein dropped their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Oppenheimer reissued an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.