STAR Financial Bank Has $808,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

STAR Financial Bank cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.7% during the 1st quarter, Holdings Channel reports. The firm owned 1,602 shares of the software company’s stock after selling 115 shares during the quarter. STAR Financial Bank’s holdings in Adobe were worth $808,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC increased its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Wetzel Investment Advisors Inc. bought a new stake in Adobe during the 4th quarter worth approximately $35,000. Steph & Co. grew its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Finally, Vima LLC purchased a new position in Adobe in the 4th quarter worth approximately $55,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Adobe 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 transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,270 shares of company stock valued at $15,165,916. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $1.47 during trading on Wednesday, reaching $564.55. 2,367,583 shares of the company traded hands, compared to its average volume of 3,536,827. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $250.32 billion, a PE ratio of 50.72, a P/E/G ratio of 3.00 and a beta of 1.30. The firm has a 50 day simple moving average of $500.62 and a 200-day simple moving average of $533.22. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $3.04 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe declared that its board has approved a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 price objective on shares of Adobe in a research note on Friday, June 14th. KeyCorp upped their price target on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Melius Research reiterated a “hold” rating and set a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Mizuho reiterated a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Finally, StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, July 4th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Company 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.