Bond & Devick Financial Network Inc. Has $381,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Bond & Devick Financial Network Inc. lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 9.2% during the 4th quarter, HoldingsChannel reports. The fund owned 638 shares of the software company’s stock after buying an additional 54 shares during the period. Bond & Devick Financial Network Inc.’s holdings in Adobe were worth $381,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. VELA Investment Management LLC lifted its position in Adobe by 122.2% in the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after purchasing an additional 1,077 shares during the period. Bornite Capital Management LP bought a new position in shares of Adobe during the first quarter valued at $15,947,000. United Bank boosted its stake in shares of Adobe by 34.7% in the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after purchasing an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Adobe by 21.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after purchasing an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC boosted its stake in shares of Adobe by 138.3% in the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after purchasing an additional 3,860 shares in the last quarter. Institutional investors and hedge funds own 80.00% of the company’s stock.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. In the last three months, insiders sold 44,162 shares of company stock valued at $26,276,030. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Up 4.3 %

Shares of ADBE stock traded up $21.40 on Monday, reaching $513.86. The company had a trading volume of 7,048,998 shares, compared to its average volume of 3,535,195. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.22. The stock has a market cap of $232.55 billion, a PE ratio of 49.13, a PEG ratio of 3.03 and a beta of 1.29. The company has a 50-day moving average of $583.38 and a 200-day moving average of $573.74. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 38.97% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the business earned $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities analysts forecast that Adobe Inc. will post 14.46 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on ADBE. Stifel Nicolaus reduced their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday. JPMorgan Chase & Co. reduced their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday. Barclays reduced their price target on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday. UBS Group reduced their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Bank of America reduced their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $627.00.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.