US Bancorp DE Has $118.19 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

US Bancorp DE lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 24.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 198,097 shares of the software company’s stock after selling 63,845 shares during the period. US Bancorp DE’s holdings in Adobe were worth $118,185,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. HBC Financial Services PLLC bought a new position in shares of Adobe during the 3rd quarter valued at $25,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe during the 4th quarter worth about $35,000. Hanseatic Management Services Inc. acquired a new position in shares of Adobe during the 3rd quarter valued at about $45,000. First Command Advisory Services Inc. bought a new position in shares of Adobe in the 3rd quarter valued at approximately $52,000. Finally, Advisors Preferred LLC bought a new stake in Adobe during the third quarter worth approximately $60,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE traded down $0.28 during trading hours on Friday, hitting $483.03. The stock had a trading volume of 1,057,773 shares, compared to its average volume of 3,297,813. Adobe Inc. has a 52 week low of $374.09 and a 52 week high of $638.25. The stock has a market capitalization of $216.40 billion, a price-to-earnings ratio of 45.63, a P/E/G ratio of 2.62 and a beta of 1.28. The company’s fifty day moving average is $487.14 and its two-hundred day moving average is $556.32. 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 (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the business posted $2.97 earnings per share. On average, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has initiated a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently commented on ADBE. Bank of America dropped their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Piper Sandler Companies cut their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Finally, Barclays dropped their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insiders Place Their Bets

In other news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by corporate insiders.

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.