Security National Bank Has $69,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Security National Bank cut its position in Adobe Inc. (NASDAQ:ADBE) by 98.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 179 shares of the software company’s stock after selling 13,480 shares during the quarter. Security National Bank’s holdings in Adobe were worth $69,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Perigon Wealth Management LLC grew its stake in Adobe by 6.5% in the 1st quarter. Perigon Wealth Management LLC now owns 11,181 shares of the software company’s stock valued at $4,288,000 after buying an additional 680 shares during the last quarter. New World Advisors LLC grew its stake in Adobe by 14.2% in the 1st quarter. New World Advisors LLC now owns 1,441 shares of the software company’s stock valued at $553,000 after buying an additional 179 shares during the last quarter. Alpine Bank Wealth Management acquired a new position in Adobe in the 1st quarter valued at $111,000. Arlington Partners LLC boosted its holdings in Adobe by 9.3% in the 1st quarter. Arlington Partners LLC now owns 8,682 shares of the software company’s stock valued at $3,330,000 after purchasing an additional 740 shares during the period. Finally, Golden State Wealth Management LLC boosted its holdings in Adobe by 26.5% in the 1st quarter. Golden State Wealth Management LLC now owns 650 shares of the software company’s stock valued at $249,000 after purchasing an additional 136 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 1.4%

Shares of Adobe stock opened at $387.55 on Thursday. The stock has a market capitalization of $165.17 billion, a P/E ratio of 24.80, a price-to-earnings-growth ratio of 1.81 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a 50-day simple moving average of $391.76 and a 200 day simple moving average of $413.89. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $4.48 EPS. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Royal Bank Of Canada reissued an “outperform” rating and issued a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. Bank of America increased their price target on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a report on Friday, June 13th. UBS Group increased their price target on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday, June 9th. Finally, Citigroup reduced their price target on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a report on Monday, June 16th. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $496.75.

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.