Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Busey Bank

by · The Cerbat Gem

Busey Bank lifted its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) by 0.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,823 shares of the software company’s stock after purchasing an additional 186 shares during the period. Busey Bank’s holdings in Adobe were worth $20,102,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its stake in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares during the last quarter. Swedbank AB acquired a new position in Adobe during the first quarter worth about $621,179,000. Longview Partners Guernsey LTD purchased a new stake in shares of Adobe in the second quarter valued at about $663,745,000. Price T Rowe Associates Inc. MD grew its position in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP increased its stake in shares of Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after purchasing an additional 575,675 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $482.87 on Friday. The company has a market capitalization of $214.10 billion, a price-to-earnings ratio of 43.38, a PEG ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The business has a 50-day moving average of $532.85 and a 200-day moving average of $515.83.

Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping 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 firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business earned $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,030 shares of company stock valued at $17,176,005 in the last ninety days. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADBE. Oppenheimer reissued an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Citigroup lifted their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Two research 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, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

View Our Latest Report on ADBE

Adobe Profile

(Free Report)

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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