Commerce Bank Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Commerce Bank lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 125,375 shares of the software company's stock after selling 4,258 shares during the period. Commerce Bank's holdings in Adobe were worth $55,752,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. M&T Bank Corp boosted its stake in shares of Adobe by 3.9% during the 3rd quarter. M&T Bank Corp now owns 156,198 shares of the software company's stock worth $80,876,000 after acquiring an additional 5,905 shares during the last quarter. Virtu Financial LLC purchased a new position in Adobe during the third quarter valued at $4,167,000. Morse Asset Management Inc grew its holdings in Adobe by 32.6% during the third quarter. Morse Asset Management Inc now owns 8,494 shares of the software company's stock valued at $4,398,000 after purchasing an additional 2,088 shares during the period. Te Ahumairangi Investment Management Ltd increased its position in Adobe by 12.9% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company's stock worth $2,294,000 after buying an additional 510 shares in the last quarter. Finally, Anchor Investment Management LLC raised its stake in shares of Adobe by 1.6% in the third quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company's stock worth $8,420,000 after buying an additional 255 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 922 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company's stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last ninety days. Corporate insiders own 0.16% of the company's stock.

Adobe Trading Up 0.9 %

ADBE traded up $3.24 during trading hours on Wednesday, reaching $353.15. 1,534,891 shares of the company's stock traded hands, compared to its average volume of 3,415,266. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average price of $398.97 and a 200 day moving average price of $447.84. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a market capitalization of $150.51 billion, a PE ratio of 28.48, a PEG ratio of 2.15 and a beta of 1.49.

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

Analyst Ratings Changes

ADBE has been the subject of a number of recent research reports. Stifel Nicolaus cut their price objective on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Redburn Atlantic started coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a "neutral" rating for the company. Citigroup decreased their price objective on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Royal Bank of Canada dropped their target price on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Finally, Robert W. Baird dropped their price objective on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $502.88.

Adobe 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.