Heartland Bank & Trust Co Takes Position in Adobe Inc. (NASDAQ:ADBE)

Heartland Bank & Trust Co bought a new stake in Adobe Inc. (NASDAQ:ADBE) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 938 shares of the software company’s stock, valued at approximately $486,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Swedbank AB bought a new position in Adobe during the 1st quarter valued at approximately $621,179,000. Longview Partners Guernsey LTD bought a new position in Adobe during the 2nd quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD raised its position in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. BlueSpruce Investments LP raised its position in Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares during the last quarter. Finally, Liberty Wealth Management LLC raised its position in Adobe by 55,496.6% during the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on ADBE shares. Stifel Nicolaus upped their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, July 12th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

NASDAQ ADBE opened at $485.03 on Thursday. The business’s fifty day moving average price is $532.85 and its 200-day moving average price is $515.83. The stock has a market capitalization of $215.06 billion, a price-to-earnings ratio of 43.58, a PEG ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the firm earned $3.26 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is owned by company 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.