Busey Bank Sells 2,301 Shares of Adobe Inc. $ADBE

Busey Bank trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 39.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,477 shares of the software company’s stock after selling 2,301 shares during the quarter. Busey Bank’s holdings in Adobe were worth $834,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Adobe during the 2nd quarter worth about $8,437,821,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Adobe by 9.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,792,275 shares of the software company’s stock valued at $1,651,066,000 after acquiring an additional 563,772 shares during the last quarter. Amundi raised its holdings in Adobe by 1.1% in the 1st quarter. Amundi now owns 4,724,102 shares of the software company’s stock worth $1,148,335,000 after acquiring an additional 53,424 shares during the period. Primecap Management Co. CA acquired a new position in shares of Adobe during the 2nd quarter worth about $1,071,668,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Adobe by 0.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,045,547 shares of the software company’s stock worth $1,034,438,000 after acquiring an additional 18,995 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the topic of a number of recent research reports. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $340.00 to $315.00 and set an “overweight” rating on the stock in a research note on Friday, September 11th. Royal Bank Of Canada restated an “outperform” rating and set a $315.00 target price on shares of Adobe in a research report on Friday, September 11th. Evercore set a $250.00 price target on Adobe in a research note on Friday, September 11th. TD Cowen reiterated a “hold” rating and issued a $245.00 price target on shares of Adobe in a report on Wednesday, September 9th. Finally, Morgan Stanley reiterated an “underweight” rating on shares of Adobe in a research report on Friday, September 11th. Nine analysts have rated the stock with a Buy rating, twenty have given a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat, Adobe currently has an average rating of “Hold” and a consensus target price of $283.90.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 74,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $251.56, for a total value of $18,741,220.00. Following the sale, the chief executive officer directly owned 289,224 shares in the company, valued at $72,757,189.44. This represents a 20.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.20% of the company’s stock.

Adobe Stock Up 0.6%

Shares of Adobe stock opened at $249.76 on Thursday. The firm has a market cap of $97.21 billion, a PE ratio of 13.94, a P/E/G ratio of 0.92 and a beta of 1.42. The business’s 50 day simple moving average is $255.30 and its 200 day simple moving average is $251.80. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.77 and a current ratio of 0.77. Adobe Inc. has a 52-week low of $190.12 and a 52-week high of $362.71.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 10th. The software company reported $6.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.08 by $0.05. The firm had revenue of $6.76 billion for the quarter, compared to analyst estimates of $6.69 billion. Adobe had a return on equity of 65.65% and a net margin of 28.05%. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.31 earnings per share. Adobe has set its Q4 2026 guidance at 6.300-6.350 EPS and its FY 2026 guidance at 24.450-24.500 EPS. On average, analysts predict that Adobe Inc. will post 20.01 earnings per share for the current fiscal year.

About Adobe

Adobe Inc is a global software company that develops digital tools for creative professionals, businesses, marketers, and individual users. Its products help customers create, edit, publish, manage, and measure digital content across websites, mobile applications, documents, and other media.

The company’s Creative Cloud portfolio includes applications such as Photoshop, Illustrator, InDesign, Premiere Pro, and Acrobat. Adobe also offers Document Cloud, which provides tools for creating, editing, sharing, signing, and managing digital documents, and Experience Cloud, a suite of solutions for digital marketing, analytics, commerce, customer journeys, and content management.