OLD Second National Bank of Aurora Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

OLD Second National Bank of Aurora cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,121 shares of the software company’s stock after selling 64 shares during the period. OLD Second National Bank of Aurora’s holdings in Adobe were worth $2,459,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ADBE. Iron Horse Wealth Management LLC purchased a new position in shares of Adobe in the third quarter worth $25,000. HBC Financial Services PLLC bought a new stake in shares of Adobe during the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates grew its holdings in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares during the period. Financial Freedom LLC purchased a new position in shares of Adobe in the 4th quarter valued at approximately $29,000. Finally, Fortis Capital Advisors LLC bought a new stake in shares of Adobe during the fourth quarter valued at approximately $35,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 3,075 shares of company stock worth $1,848,418 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.3 %

Shares of NASDAQ ADBE traded up $1.57 during mid-day trading on Thursday, hitting $476.02. The company had a trading volume of 564,151 shares, compared to its average volume of 3,550,779. The company has a market capitalization of $213.26 billion, a PE ratio of 45.55, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The business’s 50-day simple moving average is $533.19 and its 200 day simple moving average is $566.97.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the company posted $2.97 earnings per share. The business’s revenue was up 11.3% on a year-over-year basis. On average, analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has initiated a share buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. BMO Capital Markets reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Wednesday, March 27th. HSBC reduced their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. UBS Group lowered their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, DA Davidson reissued a “buy” rating and issued a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

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.