First National Bank of Omaha cut its position in Adobe Inc (NASDAQ:ADBE) by 69.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,000 shares of the software company’s stock after selling 29,091 shares during the quarter. First National Bank of Omaha’s holdings in Adobe were worth $914,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Greenleaf Trust lifted its holdings in Adobe by 9.5% during the 3rd quarter. Greenleaf Trust now owns 4,100 shares of the software company’s stock valued at $1,107,000 after purchasing an additional 355 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Adobe by 76.9% during the 3rd quarter. SG Americas Securities LLC now owns 87,663 shares of the software company’s stock valued at $23,665,000 after purchasing an additional 38,095 shares during the last quarter. Iberiabank Corp lifted its holdings in Adobe by 32.5% during the 3rd quarter. Iberiabank Corp now owns 20,238 shares of the software company’s stock valued at $5,463,000 after purchasing an additional 4,959 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in Adobe by 26.1% during the 3rd quarter. Mackenzie Financial Corp now owns 30,772 shares of the software company’s stock valued at $8,307,000 after purchasing an additional 6,372 shares during the last quarter. Finally, Fulton Bank N.A. lifted its holdings in Adobe by 26.1% during the 4th quarter. Fulton Bank N.A. now owns 1,251 shares of the software company’s stock valued at $283,000 after purchasing an additional 259 shares during the last quarter. Institutional investors own 92.64% of the company’s stock.
Shares of ADBE stock opened at $260.23 on Thursday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.13 and a current ratio of 1.13. Adobe Inc has a 12 month low of $191.95 and a 12 month high of $277.61. The firm has a market capitalization of $126.75 billion, a PE ratio of 46.89, a price-to-earnings-growth ratio of 2.52 and a beta of 1.15.
In other Adobe news, EVP Ann Lewnes sold 2,692 shares of the company’s stock in a transaction on Wednesday, December 19th. The shares were sold at an average price of $226.05, for a total value of $608,526.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles M. Geschke sold 21,258 shares of the company’s stock in a transaction on Tuesday, January 8th. The shares were sold at an average price of $232.71, for a total transaction of $4,946,949.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 282,299 shares of company stock worth $68,899,256. Corporate insiders own 0.33% of the company’s stock.
A number of brokerages have weighed in on ADBE. Zacks Investment Research cut shares of Adobe from a “hold” rating to a “sell” rating in a research report on Tuesday. Credit Suisse Group reiterated a “buy” rating and set a $300.00 price target on shares of Adobe in a research report on Friday, January 25th. Stephens initiated coverage on shares of Adobe in a report on Wednesday, January 16th. They set an “equal weight” rating and a $278.00 price objective for the company. ValuEngine upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, January 15th. Finally, BidaskClub upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, January 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $284.62.
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Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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