United Community Bank Purchases 195 Shares of Adobe Inc. (NASDAQ:ADBE)

United Community Bank raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 9.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,373 shares of the software company’s stock after acquiring an additional 195 shares during the period. United Community Bank’s holdings in Adobe were worth $1,055,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Swedbank AB lifted its stake in shares of Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after buying an additional 3,739 shares during the period. ARK Investment Management LLC increased its holdings in shares of Adobe by 98.7% during the third quarter. ARK Investment Management LLC now owns 151 shares of the software company’s stock worth $78,000 after buying an additional 75 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Adobe during the third quarter worth approximately $103,000. Equitable Trust Co. increased its holdings in shares of Adobe by 46.3% during the third quarter. Equitable Trust Co. now owns 8,437 shares of the software company’s stock worth $4,369,000 after buying an additional 2,669 shares in the last quarter. Finally, CWA Asset Management Group LLC acquired a new stake in shares of Adobe in the third quarter valued at approximately $1,301,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADBE. Citigroup reduced their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. UBS Group reduced their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Wells Fargo & Company reduced their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and reduced their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $567.81.

Adobe Stock Up 1.0 %

Adobe stock opened at $449.40 on Friday. The firm has a market capitalization of $195.62 billion, a PE ratio of 36.24, a P/E/G ratio of 2.15 and a beta of 1.37. The company’s 50-day moving average is $439.56 and its 200-day moving average is $487.15. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $3.52 EPS. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last three months. Insiders own 0.15% of the company’s stock.

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.