First National Bank of Omaha Reduces Adobe Inc. Stock Holdings

First National Bank of Omaha has decreased its investment in Adobe Inc. (NASDAQ:ADBE) by 8.2% in the third quarter, based on their latest Form 13F filing with the Securities and Exchange Commission. After selling 964 shares during this period, the bank now holds 10,758 shares of the software company. As of the latest filing, these shares are valued at approximately $5,570,000.

In addition to First National Bank of Omaha, other institutional investors and hedge funds have also adjusted their holdings in Adobe. Piscataqua Savings Bank significantly increased its shares by 226.7% in the third quarter, owning 49 shares worth $25,000 after acquiring an additional 34 shares. Meanwhile, Legacy Investment Solutions LLC entered the market with a new position valued around $26,000, and MidAtlantic Capital Management Inc. also purchased new shares valued at about $30,000. True Wealth Design LLC made a notable increase by boosting its holdings by 141.7%, resulting in 58 shares worth $30,000 after buying an additional 34 shares. Lastly, Summit Securities Group LLC created a new position in Adobe valued at approximately $33,000. Overall, institutional investors and hedge funds own about 81.79% of Adobe's stock.

Recent Performance of Adobe's Stock

As of Friday, shares of ADBE opened at $552.96. The company's market capitalization stands at $243.41 billion, with a PE ratio of 46.70 and a PEG ratio of 2.45. Adobe's stock has a 50-day moving average of $504.20 and a 200-day moving average of $521.94. Over the past year, the stock has traded between a low of $433.97 and a high of $638.25. Additionally, the company has a debt-to-equity ratio of 0.28 and both a quick ratio and a current ratio of 1.11.

Adobe's Earnings Report

Adobe recently released its quarterly earnings on September 12th, reporting an earnings per share (EPS) of $4.65, which exceeded analysts' expectations of $4.53 by $0.12. The company’s return on equity stood at 42.82% with a net margin of 25.59%. During the quarter, Adobe's revenue reached $5.41 billion, while the consensus estimate was $5.37 billion. This shows a significant increase compared to last year’s quarterly revenue, which posted an EPS of $3.26, reflecting a year-on-year growth of 10.6%. Analysts expect that Adobe will achieve an EPS of 14.82 for the current fiscal year.

Stock Ratings and Analyst Opinions

Several brokerage firms have recently provided feedback on Adobe's stock. JMP Securities maintained a "market perform" rating on Adobe shares in a report issued on September 13th. StockNews.com upgraded the stock from a "hold" to a "buy" rating in the same timeframe. Furthermore, Bank of America reiterated a "buy" rating with a price target of $640.00. Additionally, BMO Capital Markets raised its price target from $580.00 to $600.00, classifying the stock as "outperform." Royal Bank of Canada also reaffirmed an "outperform" rating with a target of $610. Based on recent data, there are two analysts with a sell rating, seven with a hold rating, seventeen giving a buy rating, and one issuing a strong buy rating. The overall consensus rating for Adobe is categorized as a "Moderate Buy" with an average price target of $602.08.

Insider Trading Activity

In recent transactions, Jillian Forusz, the Chief Accounting Officer, sold 676 shares on October 29th at an average price of $484.97, totaling around $327,839.72. Following her sale, she retains ownership of 2,715 shares valued at approximately $1.32 million, which represents a 19.94% decline in her ownership. Additionally, Scott Belsky, an Executive Vice President, sold 481 shares on October 25th at an average price of $483.42, totaling about $232,525.02. After this transaction, he maintains 18,128 shares worth approximately $8.76 million, reflecting a decrease of 2.58% in his holdings. Over the last three months, insiders have sold a total of 34,187 shares worth around $17.74 million.

Overview of Adobe Inc.

Adobe Inc. is a globally recognized diversified software company that operates through three main segments: Digital Media, Digital Experience, and Publishing and Advertising. It provides various products and services that help individuals, teams, and enterprises in creating, publishing, and promoting content, as well as a unified cloud-based document services platform known as Document Cloud.

Adobe, Investment, Stocks