M&T Bank Corp decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 151,083 shares of the software company's stock after selling 5,115 shares during the quarter. M&T Bank Corp's holdings in Adobe were worth $67,183,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Nordea Investment Management AB lifted its position in shares of Adobe by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock worth $765,094,000 after buying an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board lifted its holdings in shares of Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company's stock valued at $10,005,000 after purchasing an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock worth $60,779,000 after purchasing an additional 78,384 shares in the last quarter. Morse Asset Management Inc lifted its position in shares of Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company's stock worth $4,411,000 after purchasing an additional 2,113 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Adobe by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock valued at $44,090,000 after purchasing an additional 1,326 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.
Analyst Ratings Changes
Several equities research analysts recently weighed in on ADBE shares. Bank of America reduced their target price on Adobe from $640.00 to $605.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Barclays dropped their price objective on shares of Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a research note on Thursday, December 12th. JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Finally, BMO Capital Markets dropped their target price on shares of Adobe from $570.00 to $515.00 and set an "outperform" rating for the company in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $570.88.
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Adobe Stock Up 1.2 %
ADBE traded up $5.21 on Wednesday, hitting $451.24. 2,404,505 shares of the company were exchanged, compared to its average volume of 3,415,368. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The company has a market cap of $196.42 billion, a price-to-earnings ratio of 36.39, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The firm has a 50-day moving average price of $439.61 and a two-hundred day moving average price of $488.77.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts' consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts' expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.52 earnings per share. On average, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.
Insider Buying and Selling
In other news, Director Amy Banse sold 606 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the business's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by insiders.
About Adobe
(
Free Report)
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.
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