CNB Bank Buys 100 Shares of Adobe Inc. (NASDAQ:ADBE)

CNB Bank increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,243 shares of the software company’s stock after acquiring an additional 100 shares during the quarter. CNB Bank’s holdings in Adobe were worth $997,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Sienna Gestion increased its stake in shares of Adobe by 0.9% during the second quarter. Sienna Gestion now owns 21,434 shares of the software company’s stock worth $11,902,000 after purchasing an additional 185 shares during the period. Middleton & Co. Inc. MA increased its position in Adobe by 10.6% during the 2nd quarter. Middleton & Co. Inc. MA now owns 20,623 shares of the software company’s stock worth $11,457,000 after buying an additional 1,970 shares during the period. Resolute Capital Asset Partners LLC acquired a new stake in shares of Adobe during the second quarter worth $3,055,000. Intech Investment Management LLC boosted its position in shares of Adobe by 20.1% in the second quarter. Intech Investment Management LLC now owns 41,818 shares of the software company’s stock valued at $23,232,000 after acquiring an additional 6,985 shares during the period. Finally, Brighton Jones LLC grew its stake in shares of Adobe by 1.8% in the second quarter. Brighton Jones LLC now owns 8,126 shares of the software company’s stock valued at $4,514,000 after acquiring an additional 142 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $430.91 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29. The firm’s 50-day moving average price is $479.32 and its 200-day moving average price is $514.33. The firm has a market capitalization of $189.69 billion, a P/E ratio of 34.76, a P/E/G ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the firm posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of a number of recent research reports. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday. Bank of America cut their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Stifel Nicolaus decreased their price target on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Oppenheimer decreased their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is owned by insiders.

Adobe 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.