First National Bank of Omaha Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

First National Bank of Omaha has reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 8.2% during the third quarter of this year, according to the latest Form 13F filed with the Securities and Exchange Commission. After selling 964 shares during this period, the bank now holds 10,758 shares of Adobe, valued at approximately $5,570,000.

Other Institutional Changes

In addition to First National Bank of Omaha, other institutional investors have also adjusted their positions in Adobe. Piscataqua Savings Bank increased its holdings by a remarkable 226.7% in the third quarter, now owning 49 shares valued at $25,000 after adding 34 shares. Legacy Investment Solutions LLC entered the scene with a new stake approximated at $26,000. MidAtlantic Capital Management Inc. also acquired a new stake valued at around $30,000, while True Wealth Design LLC boosted its holdings by 141.7%, owning 58 shares worth about $30,000 after purchasing an additional 34 shares. Furthermore, Summit Securities Group LLC acquired a new position worth approximately $33,000. Overall, approximately 81.79% of Adobe shares are held by hedge funds and institutional investors.

Adobe's Stock Performance

As of Friday, Adobe shares opened at $552.96, leading to a market capitalization of $243.41 billion. The company's P/E ratio stands at 46.70, with a PEG ratio of 2.45 and a beta of 1.29. Adobe's stock has seen fluctuations within a range, hitting a 52-week low of $433.97 and a high of $638.25. The firm has a quick ratio and current ratio both at 1.11, alongside a debt-to-equity ratio of 0.28.

Latest Earnings Report

Adobe's most recent quarterly earnings report was released on September 12. The company announced earnings per share (EPS) of $4.65, surpassing the expected $4.53 by $0.12. Adobe achieved a return on equity of 42.82% and net margins of 25.59%. The company's revenue reached $5.41 billion, exceeding projections of $5.37 billion, marking a 10.6% increase compared to the same quarter from the previous year. Forecasts suggest that Adobe Inc. could generate an EPS of 14.82 for the current fiscal year.

Analyst Reviews

Recent reports from various brokerages have provided insights into Adobe's stock. JMP Securities maintained a "market perform" rating, while StockNews.com upgraded its recommendation from "hold" to "buy." Bank of America reiterated its "buy" rating with a price target of $640.00 for Adobe shares. Additionally, BMO Capital Markets raised its price target from $580.00 to $600.00, giving Adobe an "outperform" rating. Royal Bank of Canada also reaffirmed an "outperform" stance, setting a price target of $610.00. MarketBeat statistics show that Adobe holds a consensus rating of "Moderate Buy" with an average price target of $602.08.

Insider Sales

In recent insider news, Chief Accounting Officer Jillian Forusz sold 676 shares on October 29 at an average price of $484.97 for a total transaction value of $327,839.72. This sale resulted in a 19.94% reduction in her ownership, with about 2,715 shares remaining in her possession. Additionally, EVP Scott Belsky sold 481 shares on October 25 at an average price of $483.42, totaling $232,525.02, reflecting a 2.58% decrease in his holdings. Within the last three months, insiders have sold a total of 34,187 shares valued at approximately $17.7 million. Currently, corporate insiders control about 0.15% of the company's stock.

About Adobe Inc.

Adobe Inc. operates as a global software company, providing products and services through three key segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment focuses on solutions that help individuals and organizations create, manage, and deliver content, including document solutions through its Document Cloud platform.

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