Independence Bank of Kentucky Acquires 1,447 Shares of Adobe Inc. (NASDAQ:ADBE)

Independence Bank of Kentucky increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 50.3% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 4,324 shares of the software company’s stock after buying an additional 1,447 shares during the quarter. Independence Bank of Kentucky’s holdings in Adobe were worth $1,923,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Evermay Wealth Management LLC raised its holdings in shares of Adobe by 27.2% during the fourth quarter. Evermay Wealth Management LLC now owns 1,308 shares of the software company’s stock valued at $582,000 after purchasing an additional 280 shares during the last quarter. KG&L Capital Management LLC raised its stake in Adobe by 79.7% during the 4th quarter. KG&L Capital Management LLC now owns 2,616 shares of the software company’s stock valued at $1,163,000 after buying an additional 1,160 shares during the last quarter. Dohj LLC lifted its holdings in shares of Adobe by 1.9% during the 4th quarter. Dohj LLC now owns 6,305 shares of the software company’s stock valued at $2,804,000 after buying an additional 115 shares during the period. Marietta Wealth Management LLC boosted its stake in shares of Adobe by 21.2% in the 4th quarter. Marietta Wealth Management LLC now owns 15,604 shares of the software company’s stock worth $6,939,000 after buying an additional 2,732 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in shares of Adobe by 45.9% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 13,743 shares of the software company’s stock worth $6,111,000 after acquiring an additional 4,326 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last 90 days. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of Adobe stock opened at $437.45 on Friday. The firm has a market cap of $190.42 billion, a PE ratio of 35.28, a PEG ratio of 2.14 and a beta of 1.31. The stock has a 50 day moving average of $461.97 and a 200 day moving average of $503.85. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results 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 the consensus estimate of $5.54 billion. During the same period in the prior year, the company earned $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on ADBE. DA Davidson lowered their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Stifel Nicolaus dropped their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company reduced their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Piper Sandler dropped their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, Oppenheimer reduced their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $573.00.

About Adobe

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.