Adobe Inc. (NASDAQ:ADBE) Stock Position Lessened by Commerce Bank

Commerce Bank reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 125,375 shares of the software company’s stock after selling 4,258 shares during the quarter. Commerce Bank’s holdings in Adobe were worth $55,752,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after acquiring an additional 151,286 shares in the last quarter. Norges Bank bought a new position in Adobe during the 4th quarter valued at $2,553,035,000. Edgewood Management LLC increased its position in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after purchasing an additional 696,172 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Adobe by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after buying an additional 92,458 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in Adobe by 7.3% during the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock valued at $1,235,157,000 after buying an additional 163,983 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ADBE shares. UBS Group dropped their price target on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. BMO Capital Markets reduced their price objective on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Eleven equities research 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. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $513.27.

Adobe Stock Up 1.3 %

ADBE opened at $348.80 on Friday. The business has a 50-day moving average of $405.74 and a 200-day moving average of $451.49. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a market capitalization of $148.66 billion, a PE ratio of 28.13, 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 (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business 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 earned $4.48 EPS. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal 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.