First National Bank of Omaha Reduces Stake in Adobe Inc.

First National Bank of Omaha has decreased its ownership in shares of Adobe Inc. (NASDAQ:ADBE) by 8.2% during the third quarter, as revealed in its latest Form 13F filing with the Securities and Exchange Commission (SEC). After selling 964 shares during this period, the bank now holds a total of 10,758 shares of the software company. The value of First National Bank of Omaha's holdings in Adobe is approximately $5,570,000 based on the latest filing.

Changes in Institutional Holdings

Other institutional investors and hedge funds have also adjusted their stakes in Adobe. For instance, Piscataqua Savings Bank significantly increased its holdings by 226.7% in the third quarter. The bank now owns 49 shares valued at $25,000 after buying an additional 34 shares last quarter. Additionally, Legacy Investment Solutions LLC acquired a new position in Adobe worth about $26,000. MidAtlantic Capital Management Inc. also purchased new shares valued at approximately $30,000. True Wealth Design LLC raised its position by 141.7%, now holding 58 shares worth $30,000 after an acquisition of 34 shares during the period. Furthermore, Summit Securities Group LLC entered Adobe's stock market in the second quarter with an investment of around $33,000. Overall, hedge funds and institutional investors collectively own 81.79% of Adobe's stock.

Adobe's Stock Performance

On Friday, Adobe shares opened at $552.96. The company boasts a market capitalization of $243.41 billion, a price-to-earnings (PE) ratio of 46.70, a price-to-earnings growth (PEG) ratio of 2.45, and a beta of 1.29. The stock has a 50-day moving average price of $504.20 and a 200-day moving average price of $521.94. Adobe has seen a 52-week low of $433.97 and a 52-week high of $638.25, with a debt-to-equity ratio of 0.28 and both a quick and current ratio of 1.11.

Recent Earnings Reports

Adobe recently reported its quarterly earnings on September 12. The company announced an earnings per share (EPS) of $4.65, surpassing the consensus estimate of $4.53 by $0.12. Adobe's return on equity stood at 42.82%, with a net margin of 25.59%. The firm reported quarterly revenue of $5.41 billion, exceeding expectations of $5.37 billion. This represented a 10.6% increase compared to the same period the previous year, with analysts forecasting Adobe will achieve an EPS of 14.82 for the current fiscal year.

Analyst Perspectives

Several brokerages have recently published reports on Adobe's stock. JMP Securities maintained a "market perform" rating, while StockNews.com upgraded their rating from "hold" to "buy". Bank of America reiterated a "buy" rating with a price target of $640.00. BMO Capital Markets increased their target price from $580.00 to $600.00 and labeled the stock as "outperform". Royal Bank of Canada also reiterated its "outperform" rating with a price target of $610. Overall, while two investment analysts issued sell ratings, seven recommended holding, seventeen suggested buying, and one rated it as a strong buy, indicating a consensus rating of "Moderate Buy" with an average price target of $602.08.

Insider Trading Activity

In other news regarding Adobe, Chief Accounting Officer Jillian Forusz sold 676 shares on October 29, at an average price of $484.97, totaling $327,839.72. After this transaction, she owns 2,715 shares valued at around $1,316,693.55. This transaction reflected a decrease of 19.94% in her ownership. Additionally, Executive Vice President Scott Belsky sold 481 shares on October 25 for a total of $232,525.02 at an average price of $483.42. Following this sale, he retained 18,128 shares valued at approximately $8,763,437.76, a decrease of 2.58% in his ownership. In the last three months, corporate insiders have sold a total of 34,187 shares valued at $17,736,369, with corporate insiders owning 0.15% of Adobe's stock.

About Adobe Inc.

Adobe Inc. operates globally through its subsidiaries as a diversified software company. Its operations are categorized into three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment includes products, services, and solutions that facilitate content creation, publication, and promotion, along with Document Cloud, a comprehensive cloud-based document services platform.

Adobe, Investments, Stock