Adobe Inc. (NASDAQ:ADBE) Shares Sold by Bank of Montreal Can

Bank of Montreal Can cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 21.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,087,917 shares of the software company's stock after selling 300,080 shares during the period. Bank of Montreal Can owned 0.25% of Adobe worth $483,775,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of ADBE. Legacy Investment Solutions LLC bought a new position in Adobe in the third quarter valued at approximately $26,000. Decker Retirement Planning Inc. acquired a new position in shares of Adobe in the 4th quarter valued at $31,000. Summit Securities Group LLC acquired a new position in Adobe in the fourth quarter valued at about $31,000. Caitlin John LLC boosted its holdings in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after buying an additional 48 shares during the last quarter. Finally, Mascoma Wealth Management LLC increased its stake in shares of Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after acquiring an additional 50 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ADBE. Jefferies Financial Group decreased their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. JPMorgan Chase & Co. dropped their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Wells Fargo & Company decreased their price objective on Adobe from $640.00 to $600.00 and set an "overweight" rating for the company in a research report on Friday, March 7th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $531.54.

Adobe Stock Down 4.0 %

Shares of ADBE stock traded down $14.48 during mid-day trading on Thursday, hitting $350.16. The stock had a trading volume of 3,367,863 shares, compared to its average volume of 4,001,223. The firm has a market capitalization of $149.24 billion, a P/E ratio of 28.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm's 50-day moving average is $416.53 and its two-hundred day moving average is $458.06.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the previous year, the firm posted $4.48 EPS. On average, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, Director David A. Ricks bought 2,250 shares of the firm's stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Adobe Company Profile

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.