Adobe Inc. (NASDAQ:ADBE) Shares Sold by BTC Capital Management Inc.

BTC Capital Management Inc. lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,488 shares of the software company's stock after selling 1,614 shares during the quarter. BTC Capital Management Inc.'s holdings in Adobe were worth $7,332,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hamilton Point Investment Advisors LLC raised its position in shares of Adobe by 1.0% during the 4th quarter. Hamilton Point Investment Advisors LLC now owns 20,075 shares of the software company's stock valued at $8,927,000 after buying an additional 199 shares during the period. Country Trust Bank increased its stake in Adobe by 14.4% during the fourth quarter. Country Trust Bank now owns 86,023 shares of the software company's stock worth $38,253,000 after acquiring an additional 10,829 shares during the last quarter. CMG Global Holdings LLC raised its position in Adobe by 3.5% in the fourth quarter. CMG Global Holdings LLC now owns 1,351 shares of the software company's stock valued at $591,000 after purchasing an additional 46 shares during the period. Hunter Associates Investment Management LLC lifted its stake in shares of Adobe by 5.2% in the 4th quarter. Hunter Associates Investment Management LLC now owns 937 shares of the software company's stock valued at $415,000 after purchasing an additional 46 shares during the last quarter. Finally, Boomfish Wealth Group LLC grew its holdings in shares of Adobe by 5.1% during the 4th quarter. Boomfish Wealth Group LLC now owns 4,632 shares of the software company's stock worth $2,060,000 after purchasing an additional 223 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the business's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares of the company's stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last 90 days. Company insiders own 0.15% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ADBE shares. BNP Paribas raised shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price on the stock in a research report on Wednesday, January 15th. Royal Bank of Canada decreased their price objective on shares of Adobe from $610.00 to $590.00 and set an "outperform" rating on the stock in a report on Thursday, December 12th. Mizuho dropped their target price on shares of Adobe from $640.00 to $620.00 and set an "outperform" rating for the company in a report on Thursday, December 12th. Bank of America decreased their price target on Adobe from $640.00 to $605.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Finally, BMO Capital Markets dropped their price objective on Adobe from $600.00 to $570.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and an average target price of $573.00.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $8.55 during trading on Friday, reaching $437.45. The company had a trading volume of 4,684,105 shares, compared to its average volume of 4,003,151. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock's fifty day moving average price is $463.46 and its 200 day moving average price is $504.74. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The firm has a market capitalization of $190.42 billion, a price-to-earnings ratio of 35.28, a price-to-earnings-growth ratio of 2.14 and a beta of 1.31.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts' consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the firm earned $3.52 EPS. Adobe's quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.