Associated Banc Corp Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

Associated Banc Corp lowered its stake in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 0.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,463 shares of the software company’s stock after selling 33 shares during the quarter. Associated Banc Corp’s holdings in Adobe were worth $2,066,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Barlow Wealth Partners Inc. purchased a new position in Adobe in the 4th quarter worth $16,700,000. Federated Hermes Inc. increased its position in shares of Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after acquiring an additional 41,164 shares during the period. Mainsail Financial Group LLC increased its position in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after acquiring an additional 184 shares during the period. Team Hewins LLC bought a new stake in shares of Adobe during the 3rd quarter valued at about $4,141,000. Finally, Vise Technologies Inc. boosted its stake in shares of Adobe by 267.3% during the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,006 shares of company stock valued at $1,424,432. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.4 %

Shares of ADBE traded down $1.72 during midday trading on Monday, hitting $481.71. The stock had a trading volume of 909,995 shares, compared to its average volume of 3,351,785. Adobe Inc. has a 1 year low of $361.72 and a 1 year high of $638.25. The firm has a market cap of $215.81 billion, a PE ratio of 46.09, a price-to-earnings-growth ratio of 2.62 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 stock’s 50 day moving average is $494.14 and its 200 day moving average is $558.44.

Adobe (NASDAQ:ADBEGet Free Report) last posted 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 company had revenue of $5.18 billion for 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 firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.97 EPS. As a group, analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Bank of America dropped their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Oppenheimer reissued an “outperform” rating and set a $660.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. HSBC dropped their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Finally, Mizuho reiterated a “buy” rating and issued a $680.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $620.72.

View Our Latest Research Report on ADBE

Adobe Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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