UMB Bank n.a. Purchases 6,688 Shares of Adobe Inc. (NASDAQ:ADBE)

UMB Bank n.a. grew its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 63.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 17,155 shares of the software company’s stock after acquiring an additional 6,688 shares during the quarter. UMB Bank n.a.’s holdings in Adobe were worth $10,235,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ADBE. Rockland Trust Co. boosted its holdings in shares of Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after purchasing an additional 44 shares during the period. Mainsail Financial Group LLC boosted its holdings in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares during the period. Team Hewins LLC purchased a new position in shares of Adobe in the 3rd quarter worth approximately $4,141,000. Guinness Asset Management LTD boosted its holdings in shares of Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after purchasing an additional 2,499 shares during the period. Finally, Dynamic Advisor Solutions LLC boosted its holdings in shares of Adobe by 23.9% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock worth $4,585,000 after purchasing an additional 1,732 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.6 %

ADBE opened at $499.21 on Wednesday. The firm has a market cap of $223.65 billion, a price-to-earnings ratio of 47.73, a PEG ratio of 2.72 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The stock has a fifty day moving average price of $563.64 and a 200-day moving average price of $569.97.

Adobe (NASDAQ:ADBEGet Free Report) 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, equities research analysts anticipate that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders have sold 3,063 shares of company stock valued at $1,853,025 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. Wells Fargo & Company dropped their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. KeyCorp initiated coverage on Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. DA Davidson restated a “buy” rating and set a $685.00 price objective on shares of Adobe in a report on Thursday, March 28th. TD Cowen dropped their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Finally, Mizuho restated a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Get Our Latest Analysis on ADBE

About Adobe

(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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