First National Bank of Omaha Reduces Adobe Stock Holdings

First National Bank of Omaha has reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 8.2% during the third quarter, according to its latest Form 13F filing with the Securities and Exchange Commission (SEC). After selling 964 shares in the quarter, the bank now owns a total of 10,758 shares in the software company, valued at about $5,570,000.

In recent months, several other institutional investors and hedge funds have also adjusted their positions in Adobe. Notably, Piscataqua Savings Bank increased its holdings by 226.7% in the third quarter and now owns 49 shares valued at $25,000, which includes an additional 34 shares acquired during that period. Legacy Investment Solutions LLC entered the Adobe market by purchasing a new stake worth approximately $26,000 in the same quarter. Meanwhile, MidAtlantic Capital Management Inc. also bought new shares valued at around $30,000, and True Wealth Design LLC increased its holdings by 141.7%, now owning 58 shares worth $30,000 after buying 34 more shares. Additionally, Summit Securities Group LLC acquired a new stake in Adobe valued at approximately $33,000. Approximately 81.79% of Adobe's stock is owned by hedge funds and other institutional investors.

Current Stock Performance

As of Friday, Adobe shares opened at $552.96, with a total market capitalization of $243.41 billion. The company has a price-to-earnings (PE) ratio of 46.70, a price/earnings to growth (PEG) ratio of 2.45, and a beta of 1.29, indicating its volatility compared to the broader market. Adobe’s 50-day moving average price is $504.20, while its 200-day moving average price stands at $521.94. Over the past year, Adobe's stock has reached a high of $638.25 and a low of $433.97, with financial ratios showing a debt-to-equity ratio of 0.28 and both a quick and current ratio of 1.11.

Adobe's Recent Earnings Report

Adobe Inc. (NASDAQ:ADBE) recently released its quarterly earnings data, revealing earnings of $4.65 per share for the quarter, which exceeded analysts' expectations, as the consensus estimate was $4.53. The company reported a return on equity of 42.82% and a net margin of 25.59%. The revenue for the quarter was $5.41 billion, just surpassing the estimated $5.37 billion. This marks a 10.6% increase compared to the same quarter of the previous year, where the earnings per share were $3.26. Analysts predict that Adobe will report an earnings per share of 14.82 for the current fiscal year.

Analyst Recommendations

Numerous brokerages have provided updates on Adobe's stock. JMP Securities reiterated a 'market perform' rating on the shares of Adobe in a report, while StockNews.com upgraded its rating from 'hold' to 'buy'. Bank of America maintained a 'buy' rating, establishing a price target of $640.00. Similarly, BMO Capital Markets raised its price target from $580.00 to $600.00, issuing an 'outperform' rating. Royal Bank of Canada also reaffirmed an 'outperform' rating with a target price set at $610.00. In total, two analysts rated the stock as a 'sell', seven as 'hold', seventeen as 'buy', and one as 'strong buy', leading to a consensus rating of 'Moderate Buy' from analysts, with an average price target of $602.08.

Insider Transactions

Recent insider transactions at Adobe show some movement. CAO Jillian Forusz sold 676 shares on October 29th, at an average price of $484.97, totaling about $327,839.72. After the sale, she holds 2,715 shares valued at approximately $1,316,693.55. This sale marked a 19.94% decrease in her ownership. Additionally, EVP Scott Belsky sold 481 shares on October 25th at an average price of $483.42, amounting to around $232,525.02. Following his sale, Belsky maintains ownership of 18,128 shares worth about $8,763,437.76, reflecting a slight decrease of 2.58%. In the past three months, insiders have sold 34,187 shares of the company's stock, amounting to $17,736,369 in value, with corporate insiders holding approximately 0.15% of Adobe's shares.

About Adobe Inc.

Adobe Inc. operates as a diverse software company globally through its subsidiaries. It functions through three key segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment provides products, services, and solutions for individuals, teams, and enterprises to create, publish, and promote content, along with Document Cloud, a comprehensive cloud-based document service platform.

Adobe, Investments, Finance