First Financial Corp IN Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

First Financial Corp IN decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 25.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 161 shares of the software company’s stock after selling 56 shares during the period. First Financial Corp IN’s holdings in Adobe were worth $62,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of ADBE. Geode Capital Management LLC increased its position in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. Norges Bank purchased a new position in shares of Adobe in the fourth quarter valued at $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock valued at $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp boosted its stake in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock valued at $2,363,125,000 after purchasing an additional 672,919 shares during the period. Finally, Edgewood Management LLC boosted its stake in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after purchasing an additional 696,172 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.16% of the stock is owned by insiders.

Adobe Stock Down 2.8%

Shares of NASDAQ ADBE opened at $403.40 on Tuesday. The business has a 50-day simple moving average of $379.21 and a two-hundred day simple moving average of $426.57. The company has a market cap of $171.93 billion, a P/E ratio of 32.53, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the firm earned $4.48 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of several analyst reports. Redburn Atlantic initiated coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Jefferies Financial Group decreased their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Citigroup decreased their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. BMO Capital Markets reduced their price objective on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Finally, Stifel Nicolaus reduced their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

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.