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

US Bancorp DE cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 24.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 198,097 shares of the software company’s stock after selling 63,845 shares during the quarter. US Bancorp DE’s holdings in Adobe were worth $118,185,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Adobe in the fourth quarter worth approximately $3,277,785,000. Concentrum Wealth Management lifted its position in shares of Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Adobe in the 4th quarter valued at $875,592,000. Invesco Ltd. increased its position in shares of Adobe by 25.1% during the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock worth $2,263,347,000 after buying an additional 889,607 shares during the period. Finally, Alkeon Capital Management LLC bought a new position in Adobe during the third quarter worth $152,970,000. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Piper Sandler reiterated an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Wells Fargo & Company lowered their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Barclays cut their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Finally, UBS Group lowered their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related 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 sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Adobe stock traded down $0.28 during midday trading on Friday, reaching $483.03. The stock had a trading volume of 1,057,773 shares, compared to its average volume of 3,297,813. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $216.40 billion, a PE ratio of 45.63, a P/E/G ratio of 2.62 and a beta of 1.28. Adobe Inc. has a 12 month low of $374.09 and a 12 month high of $638.25. The firm’s 50-day moving average price is $487.14 and its 200 day moving average price is $556.32.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion for 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 quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.97 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Adobe 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.