M&T Bank Corp Buys 5,905 Shares of Adobe Inc. (NASDAQ:ADBE)

M&T Bank Corp boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 156,198 shares of the software company's stock after purchasing an additional 5,905 shares during the period. M&T Bank Corp's holdings in Adobe were worth $80,876,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Hohimer Wealth Management LLC increased its position in shares of Adobe by 2.9% during the 3rd quarter. Hohimer Wealth Management LLC now owns 2,244 shares of the software company's stock valued at $1,162,000 after purchasing an additional 64 shares during the last quarter. Soltis Investment Advisors LLC increased its holdings in Adobe by 1,189.7% during the third quarter. Soltis Investment Advisors LLC now owns 10,253 shares of the software company's stock valued at $5,309,000 after buying an additional 9,458 shares during the last quarter. Financial Avengers Inc. raised its position in Adobe by 6.2% in the third quarter. Financial Avengers Inc. now owns 5,679 shares of the software company's stock worth $2,940,000 after acquiring an additional 330 shares during the period. Coldstream Capital Management Inc. raised its position in Adobe by 27.4% in the third quarter. Coldstream Capital Management Inc. now owns 11,203 shares of the software company's stock worth $5,832,000 after acquiring an additional 2,406 shares during the period. Finally, Ashford Capital Management Inc. grew its position in shares of Adobe by 15.1% during the 3rd quarter. Ashford Capital Management Inc. now owns 3,124 shares of the software company's stock valued at $1,618,000 after acquiring an additional 410 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on ADBE. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. Morgan Stanley reissued an "overweight" rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. BMO Capital Markets dropped their price target on shares of Adobe from $600.00 to $570.00 and set an "outperform" rating for the company in a research report on Thursday, December 12th. Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $600.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Finally, Mizuho cut their price target on Adobe from $640.00 to $620.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $584.88.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the company's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company's stock, valued at approximately $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,293 shares of company stock valued at $14,719,309. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Up 2.2 %

NASDAQ ADBE traded up $9.78 during trading hours on Friday, hitting $447.17. 8,093,080 shares of the company were exchanged, compared to its average volume of 3,306,217. Adobe Inc. has a 52 week low of $432.47 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a 50-day moving average price of $500.48 and a 200 day moving average price of $523.17. The stock has a market cap of $196.84 billion, a PE ratio of 36.06, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.52 EPS. Analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current fiscal year.

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.