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

Security National Bank lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 98.7% in the 1st quarter, HoldingsChannel reports. 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.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Norges Bank acquired a new stake in shares of Adobe during the 4th quarter worth approximately $2,553,035,000. GAMMA Investing LLC grew its position in shares of Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after buying an additional 2,984,391 shares during the period. Proficio Capital Partners LLC grew its position in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after buying an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after buying an additional 952,233 shares during the period. Finally, Two Sigma Advisers LP grew its position in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock worth $395,321,000 after buying an additional 830,300 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $387.55 on Thursday. The company’s fifty day simple moving average is $391.76 and its 200-day simple moving average is $413.89. 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 firm has a market cap of $165.17 billion, a PE ratio of 24.80, a P/E/G ratio of 1.81 and a beta of 1.55. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates 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 in the previous year, the firm posted $4.48 earnings per share. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. Citigroup lowered their price target on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a research report on Monday, June 16th. Bank of America boosted 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. Piper Sandler decreased their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. 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. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $496.75.

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.