Adobe Inc. (NASDAQ:ADBE) Shares Bought by Independence Bank of Kentucky

Independence Bank of Kentucky lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 35.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 655 shares of the software company’s stock after buying an additional 171 shares during the quarter. Independence Bank of Kentucky’s holdings in Adobe were worth $331,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Barlow Wealth Partners Inc. purchased a new position in shares of Adobe during the fourth quarter worth about $16,700,000. Federated Hermes Inc. grew its stake in Adobe by 22.6% during the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC increased its position in Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares during the period. Vise Technologies Inc. lifted its stake in Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after buying an additional 5,654 shares during the last quarter. Finally, Steph & Co. boosted its holdings in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CAO Mark S. Garfield sold 96 shares of the business’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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock valued at $15,165,916 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.6 %

Adobe stock opened at $555.54 on Friday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a market capitalization of $246.33 billion, a price-to-earnings ratio of 49.91, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. The stock’s fifty day moving average is $485.04 and its two-hundred day moving average is $534.90. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company earned $3.04 EPS. Analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its Board of Directors has authorized a share repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ADBE shares. Oppenheimer reaffirmed an “outperform” rating and issued a $580.00 target price on shares of Adobe in a report on Friday, June 14th. HSBC reduced their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Robert W. Baird raised their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. TD Cowen reduced their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Finally, TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

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.