OLD Second National Bank of Aurora Has $2.46 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

OLD Second National Bank of Aurora cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,121 shares of the software company’s stock after selling 64 shares during the period. OLD Second National Bank of Aurora’s holdings in Adobe were worth $2,459,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Iron Horse Wealth Management LLC bought a new position in Adobe during the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC bought a new stake in shares of Adobe in the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates increased its stake in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares in the last quarter. Financial Freedom LLC bought a new stake in shares of Adobe in the 4th quarter valued at $29,000. Finally, Fortis Capital Advisors LLC bought a new stake in shares of Adobe during the fourth quarter valued at about $35,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction 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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,075 shares of company stock valued at $1,848,418 in the last quarter. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ADBE shares. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Wednesday, March 27th. TD Cowen decreased their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. KeyCorp assumed coverage on shares of Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective on the stock. Bank of America reduced their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, Stifel Nicolaus reduced their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

Shares of ADBE traded up $1.57 during mid-day trading on Thursday, hitting $476.02. 564,151 shares of the stock were exchanged, compared to its average volume of 3,550,779. The company has a market cap of $213.26 billion, a PE ratio of 45.55, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The firm has a 50-day moving average of $533.19 and a two-hundred day moving average of $566.97. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

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

Adobe declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.