First Business Financial Services Inc. Has $1.27 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

First Business Financial Services Inc. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,862 shares of the software company’s stock after purchasing an additional 34 shares during the quarter. First Business Financial Services Inc.’s holdings in Adobe were worth $1,273,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ADBE. Swedbank AB lifted its holdings in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares during the last quarter. Catalyst Capital Advisors LLC lifted its holdings in Adobe by 20.3% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 516 shares of the software company’s stock valued at $267,000 after purchasing an additional 87 shares during the last quarter. Pittenger & Anderson Inc. lifted its holdings in shares of Adobe by 7.3% during the third quarter. Pittenger & Anderson Inc. now owns 3,005 shares of the software company’s stock worth $1,556,000 after buying an additional 205 shares in the last quarter. HF Advisory Group LLC lifted its holdings in shares of Adobe by 2.8% during the third quarter. HF Advisory Group LLC now owns 2,796 shares of the software company’s stock worth $1,448,000 after buying an additional 76 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC lifted its holdings in shares of Adobe by 11.0% during the third quarter. Avidian Wealth Enterprises LLC now owns 2,000 shares of the software company’s stock worth $1,036,000 after buying an additional 198 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Adobe stock opened at $451.24 on Thursday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s 50-day moving average price is $439.61 and its two-hundred day moving average price is $488.77. The stock has a market cap of $196.42 billion, a PE ratio of 36.39, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $3.52 earnings per share. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ADBE shares. Piper Sandler dropped their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Barclays dropped their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Redburn Atlantic started coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating for the company. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and dropped their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, Citigroup dropped their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,681 shares of company stock worth $2,525,126. Insiders own 0.15% of the company’s stock.

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.