First National Bank of Hutchinson Acquires 147 Shares of Adobe Inc (NASDAQ:ADBE)

First National Bank of Hutchinson lifted its holdings in Adobe Inc (NASDAQ:ADBE) by 5.9% during the third quarter, HoldingsChannel reports. The firm owned 2,639 shares of the software company’s stock after purchasing an additional 147 shares during the period. Adobe comprises 0.4% of First National Bank of Hutchinson’s investment portfolio, making the stock its 23rd biggest position. First National Bank of Hutchinson’s holdings in Adobe were worth $729,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Marquette Asset Management LLC grew its position in Adobe by 57.8% during the third quarter. Marquette Asset Management LLC now owns 142 shares of the software company’s stock worth $39,000 after buying an additional 52 shares in the last quarter. Nippon Life Global Investors Americas Inc. grew its position in Adobe by 11.6% during the third quarter. Nippon Life Global Investors Americas Inc. now owns 99,710 shares of the software company’s stock worth $27,544,000 after buying an additional 10,380 shares in the last quarter. Aldebaran Financial Inc. grew its position in Adobe by 41.7% during the third quarter. Aldebaran Financial Inc. now owns 4,357 shares of the software company’s stock worth $1,188,000 after buying an additional 1,282 shares in the last quarter. Calamos Advisors LLC grew its position in Adobe by 5.7% during the third quarter. Calamos Advisors LLC now owns 147,511 shares of the software company’s stock worth $40,750,000 after buying an additional 7,947 shares in the last quarter. Finally, Proffitt & Goodson Inc. grew its position in Adobe by 4.5% during the third quarter. Proffitt & Goodson Inc. now owns 3,189 shares of the software company’s stock worth $881,000 after buying an additional 136 shares in the last quarter. Institutional investors and hedge funds own 86.35% of the company’s stock.

Shares of NASDAQ:ADBE traded down $2.98 during trading on Tuesday, reaching $263.86. The stock had a trading volume of 64,854 shares, compared to its average volume of 2,900,300. Adobe Inc has a 52 week low of $204.95 and a 52 week high of $313.11. The business’s 50-day moving average price is $277.04 and its 200 day moving average price is $283.86. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market capitalization of $128.53 billion, a PE ratio of 47.41, a P/E/G ratio of 2.56 and a beta of 1.09.

Adobe (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.97 by $0.08. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The company had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the company posted $1.73 earnings per share. Adobe’s quarterly revenue was up 23.7% compared to the same quarter last year. Analysts forecast that Adobe Inc will post 6.39 EPS for the current year.

In related news, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $274.34, for a total value of $823,020.00. Following the completion of the transaction, the chief marketing officer now owns 52,398 shares in the company, valued at approximately $14,374,867.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total transaction of $859,115.52. The disclosure for this sale can be found here. Insiders sold 11,832 shares of company stock valued at $3,359,226 in the last quarter. 0.32% of the stock is currently owned by corporate insiders.

A number of equities research analysts recently weighed in on the company. Citigroup downgraded Adobe from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $322.00 to $313.00 in a research report on Wednesday, October 16th. Stifel Nicolaus reissued a “neutral” rating and set a $325.00 target price on shares of Adobe in a research report on Wednesday, September 18th. ValuEngine downgraded Adobe from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Canaccord Genuity set a $320.00 target price on Adobe and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, JMP Securities reaffirmed a “hold” rating on shares of Adobe in a report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $301.04.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

Recommended Story: Cash Asset Ratio

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc (NASDAQ:ADBE).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.