Stock Yards Bank & Trust Co. Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Stock Yards Bank & Trust Co. lifted its position in Adobe Inc. (NASDAQ:ADBE) by 1.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,644 shares of the software company’s stock after acquiring an additional 532 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Adobe were worth $17,066,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of ADBE. Baldrige Asset Management LLC purchased a new stake in Adobe during the 2nd quarter worth about $26,000. Key Financial Inc acquired a new stake in shares of Adobe in the 2nd quarter valued at about $29,000. Atlantic Trust LLC acquired a new stake in shares of Adobe in the 2nd quarter valued at about $34,000. Edge Wealth Management LLC boosted its position in shares of Adobe by 53.3% in the 3rd quarter. Edge Wealth Management LLC now owns 92 shares of the software company’s stock valued at $53,000 after purchasing an additional 32 shares during the period. Finally, Sound Income Strategies LLC lifted its position in Adobe by 58.2% during the 2nd quarter. Sound Income Strategies LLC now owns 106 shares of the software company’s stock worth $62,000 after acquiring an additional 39 shares during the period. 81.72% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director John E. Warnock sold 3,000 shares of the company’s stock in a transaction dated Friday, September 24th. The shares were sold at an average price of $628.03, for a total transaction of $1,884,090.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gloria Chen sold 42 shares of the stock in a transaction dated Friday, September 24th. The stock was sold at an average price of $628.00, for a total transaction of $26,376.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,155 shares of company stock worth $27,445,489. Company insiders own 0.23% of the company’s stock.

Adobe stock traded up $3.16 during midday trading on Thursday, hitting $668.32. The stock had a trading volume of 2,426,171 shares, compared to its average volume of 2,221,317. 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 business has a fifty day moving average price of $630.58 and a 200 day moving average price of $602.04. Adobe Inc. has a 12 month low of $420.78 and a 12 month high of $699.54. The stock has a market cap of $318.39 billion, a P/E ratio of 55.28, a P/E/G ratio of 3.43 and a beta of 1.05.

Adobe (NASDAQ:ADBE) last announced its earnings results on Monday, September 20th. The software company reported $3.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.10. Adobe had a return on equity of 35.95% and a net margin of 38.67%. The firm had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the previous year, the company earned $2.12 earnings per share. The firm’s quarterly revenue was up 22.0% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 10.52 EPS for the current fiscal year.

ADBE has been the subject of a number of recent research reports. Jefferies Financial Group increased their price objective on Adobe from $750.00 to $760.00 and gave the stock a “buy” rating in a research report on Wednesday, September 22nd. Barclays increased their price objective on Adobe from $660.00 to $740.00 and gave the stock an “overweight” rating in a research report on Thursday, September 16th. BMO Capital Markets increased their price objective on Adobe from $630.00 to $730.00 and gave the stock an “outperform” rating in a research report on Thursday, September 16th. Stifel Nicolaus increased their price objective on Adobe from $725.00 to $750.00 and gave the stock a “buy” rating in a research report on Wednesday, September 22nd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $765.00 price objective on shares of Adobe in a research report on Tuesday, October 19th. Five investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $693.80.

About Adobe

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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