Bokf Na Sells 2,783 Shares of Adobe Inc. (NASDAQ:ADBE)

Bokf Na reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 7.2% during the second quarter, HoldingsChannel.com reports. The firm owned 36,079 shares of the software company’s stock after selling 2,783 shares during the quarter. Bokf Na’s holdings in Adobe were worth $20,043,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter valued at approximately $3,277,785,000. Wellington Management Group LLP increased its holdings in shares of Adobe by 1,213.5% in 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 purchasing an additional 1,870,307 shares in the last quarter. Swedbank AB purchased a new position in shares of Adobe in the first quarter worth $621,179,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP boosted its position in shares of Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

NASDAQ ADBE opened at $580.38 on Thursday. The business has a 50-day moving average price of $554.26 and a 200-day moving average price of $519.89. The firm has a market cap of $257.34 billion, a price-to-earnings ratio of 52.15, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

Analyst Ratings Changes

A number of brokerages have weighed in on ADBE. BMO Capital Markets boosted their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Melius Research restated a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Evercore ISI reiterated an “outperform” rating and set a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Finally, Sanford C. Bernstein raised their price target on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $606.86.

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.