Intrust Bank NA Has $4.08 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Intrust Bank NA lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,840 shares of the software company’s stock after buying an additional 173 shares during the quarter. Intrust Bank NA’s holdings in Adobe were worth $4,081,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Israel Discount Bank of New York grew its position in Adobe by 19.2% in the 4th quarter. Israel Discount Bank of New York now owns 826 shares of the software company’s stock valued at $493,000 after purchasing an additional 133 shares during the period. EWA LLC raised its stake in shares of Adobe by 4.7% during the 4th quarter. EWA LLC now owns 663 shares of the software company’s stock worth $421,000 after purchasing an additional 30 shares during the period. Naviter Wealth LLC raised its stake in shares of Adobe by 39.7% during the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after purchasing an additional 996 shares during the period. Bluesphere Advisors LLC raised its stake in shares of Adobe by 7.3% during the 4th quarter. Bluesphere Advisors LLC now owns 1,141 shares of the software company’s stock worth $681,000 after purchasing an additional 78 shares during the period. Finally, Guyasuta Investment Advisors Inc. raised its stake in shares of Adobe by 6.9% during the 4th quarter. Guyasuta Investment Advisors Inc. now owns 466 shares of the software company’s stock worth $278,000 after purchasing 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 other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. 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. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. BMO Capital Markets reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. DA Davidson reaffirmed a “buy” rating and set a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Bank of America cut their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, Barclays cut their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Down 0.9 %

NASDAQ ADBE traded down $4.49 on Monday, reaching $473.07. 2,644,097 shares of the stock traded hands, compared to its average volume of 3,476,184. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a fifty day moving average price of $515.34 and a 200-day moving average price of $564.66. The company has a market cap of $211.94 billion, a price-to-earnings ratio of 45.74, a PEG ratio of 2.59 and a beta of 1.28. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.97 EPS. As a group, research analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has authorized a share repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

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.