Stock Yards Bank & Trust Co. grew its position in Adobe Inc. (NASDAQ:ADBE) by 1.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,644 shares of the software company’s stock after buying an additional 532 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Adobe were worth $17,066,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Mather Group LLC. boosted its stake in shares of Adobe by 23.7% in the 2nd quarter. Mather Group LLC. now owns 2,377 shares of the software company’s stock valued at $1,392,000 after purchasing an additional 456 shares during the last quarter. South State Corp raised its holdings in shares of Adobe by 0.6% in the second quarter. South State Corp now owns 31,034 shares of the software company’s stock valued at $18,175,000 after purchasing an additional 193 shares during the last quarter. Artemis Investment Management LLP raised its holdings in shares of Adobe by 50.1% in the second quarter. Artemis Investment Management LLP now owns 59,323 shares of the software company’s stock valued at $34,792,000 after purchasing an additional 19,800 shares during the last quarter. Northcape Capital Pty Ltd purchased a new stake in shares of Adobe in the second quarter valued at about $2,865,000. Finally, Oppenheimer Asset Management Inc. grew its position in Adobe by 3.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 141,209 shares of the software company’s stock valued at $82,696,000 after buying an additional 4,748 shares during the period. Institutional investors and hedge funds own 81.72% of the company’s stock.
Shares of NASDAQ ADBE traded up $3.16 during trading hours on Thursday, reaching $668.32. The stock had a trading volume of 2,426,171 shares, compared to its average volume of 2,221,317. Adobe Inc. has a fifty-two week low of $420.78 and a fifty-two week high of $699.54. The firm has a 50-day moving average of $630.58 and a 200-day moving average of $602.04. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.29. The firm has a market cap of $318.39 billion, a price-to-earnings ratio of 55.28, a PEG ratio of 3.43 and a beta of 1.05.
In other Adobe news, EVP Gloria Chen sold 42 shares of the firm’s stock in a transaction dated Friday, September 24th. The stock was sold at an average price of $628.00, for a total value of $26,376.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 40,000 shares of Adobe stock in a transaction dated Friday, September 24th. The stock was sold at an average price of $620.26, for a total value of $24,810,400.00. The disclosure for this sale can be found here. Insiders sold a total of 44,155 shares of company stock valued at $27,445,489 over the last ninety days. 0.23% of the stock is currently owned by company insiders.
A number of brokerages have weighed in on ADBE. JPMorgan Chase & Co. increased their target price on shares of Adobe from $660.00 to $680.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 22nd. Atlantic Securities raised shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $600.00 to $820.00 in a research note on Monday. The Goldman Sachs Group restated a “buy” rating and set a $765.00 target price on shares of Adobe in a report on Tuesday, October 19th. Credit Suisse Group assumed coverage on Adobe in a research report on Tuesday, November 16th. They issued a “neutral” rating and a $700.00 price target for the company. Finally, Cowen reissued a “buy” rating and issued a $700.00 target price on shares of Adobe in a research report on Wednesday, September 22nd. Five research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, Adobe has an average rating of “Buy” and a consensus target price of $693.80.
Adobe Company Profile
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
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