Bokf Na Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Bokf Na trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 36,079 shares of the software company’s stock after selling 2,783 shares during the quarter. Bokf Na’s holdings in Adobe were worth $20,043,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new position in Adobe in the 4th quarter valued at $1,468,000. Concentrum Wealth Management boosted its stake in Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares during the period. Aveo Capital Partners LLC grew its position in Adobe by 5.9% during the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock worth $556,000 after buying an additional 52 shares in the last quarter. Gryphon Financial Partners LLC raised its holdings in shares of Adobe by 22.7% in the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after acquiring an additional 658 shares in the last quarter. Finally, Jump Financial LLC boosted its position in shares of Adobe by 274.6% during the 4th quarter. Jump Financial LLC now owns 2,611 shares of the software company’s stock valued at $1,558,000 after acquiring an additional 1,914 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Robert W. Baird upped their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Melius Research reissued a “hold” rating and issued a $510.00 price target on shares of Adobe in a report on Monday, June 10th. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Wells Fargo & Company increased their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Finally, Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.86.

Adobe Stock Up 1.0 %

NASDAQ ADBE opened at $580.38 on Thursday. The business’s 50-day moving average is $554.26 and its 200 day moving average is $519.89. The stock has a market capitalization of $257.34 billion, a PE ratio of 52.15, a PEG ratio of 2.94 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.04 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

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.