OLD National Bancorp IN Buys 1,380 Shares of Adobe Inc. (NASDAQ:ADBE)

OLD National Bancorp IN lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 3.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,027 shares of the software company’s stock after purchasing an additional 1,380 shares during the period. Adobe comprises about 0.6% of OLD National Bancorp IN’s investment portfolio, making the stock its 29th largest position. OLD National Bancorp IN’s holdings in Adobe were worth $24,459,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in Adobe during the 4th quarter worth about $3,277,785,000. Wellington Management Group LLP grew its holdings in Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares in the last quarter. Swedbank AB bought a new position in Adobe during the 1st quarter worth about $621,179,000. Price T Rowe Associates Inc. MD grew its holdings in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP grew its holdings in Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 1.1 %

ADBE traded up $6.06 on Friday, hitting $536.30. The company had a trading volume of 1,272,331 shares, compared to its average volume of 3,346,469. The firm has a market cap of $237.80 billion, a P/E ratio of 48.19, a PEG ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company’s fifty day moving average price is $528.34 and its 200 day moving average price is $526.14. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $3.04 EPS. As a group, equities analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have commented on ADBE shares. Citigroup decreased their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research report on Monday, June 10th. TD Cowen decreased their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research report on Monday, June 10th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Finally, Robert W. Baird increased their price objective on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $601.38.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 in the last three months. 0.15% of the stock is owned by corporate insiders.

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.