Intrust Bank NA Acquires 173 Shares of Adobe Inc. (NASDAQ:ADBE)

Intrust Bank NA increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,840 shares of the software company’s stock after purchasing an additional 173 shares during the quarter. Intrust Bank NA’s holdings in Adobe were worth $4,081,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. One Charles Private Wealth Services LLC increased its stake in Adobe by 2.2% during the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after acquiring an additional 17 shares during the last quarter. Invst LLC grew its stake in shares of Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after buying an additional 17 shares during the last quarter. Raleigh Capital Management Inc. grew its stake in shares of Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares during the last quarter. Lantz Financial LLC grew its stake in shares of Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after buying an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management lifted its holdings in shares of Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.9 %

Adobe stock traded down $4.49 during midday trading on Monday, hitting $473.07. 2,644,097 shares of the stock were exchanged, compared to its average volume of 3,476,184. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The firm has a market cap of $211.94 billion, a P/E ratio of 45.74, a P/E/G ratio of 2.59 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a 50 day moving average price of $515.34 and a two-hundred day moving average price of $564.66.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.97 EPS. On average, sell-side analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has initiated a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have recently commented on ADBE shares. Mizuho reiterated a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Piper Sandler Companies reduced their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. KeyCorp started coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $620.72.

Insider Transactions at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the 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 completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the 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 completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last three months, insiders sold 293 shares of company stock valued at $137,656. Company insiders own 0.15% of the company’s stock.

About Adobe

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.