Bank of New York Mellon Corp Sells 194,700 Shares of Adobe Inc. (NASDAQ:ADBE)

Bank of New York Mellon Corp trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.3% during the 4th quarter, Holdings Channel reports. The fund owned 5,709,318 shares of the software company’s stock after selling 194,700 shares during the period. Bank of New York Mellon Corp’s holdings in Adobe were worth $2,538,819,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Legacy Investment Solutions LLC bought a new stake in Adobe during the third quarter worth approximately $26,000. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the 3rd quarter valued at approximately $30,000. True Wealth Design LLC raised its holdings in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. Briaud Financial Planning Inc purchased a new stake in Adobe during the 3rd quarter valued at $36,000. Finally, Decker Retirement Planning Inc. bought a new stake in Adobe in the fourth quarter worth $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the topic of a number of analyst reports. Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $590.00 price target on shares of Adobe in a report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Oppenheimer cut their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $444.42 on Tuesday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $193.46 billion, a PE ratio of 35.84, a P/E/G ratio of 2.15 and a beta of 1.31. The business has a 50-day simple moving average of $440.12 and a two-hundred day simple moving average of $493.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.52 EPS. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 in the last ninety days. Company insiders own 0.15% of the company’s stock.

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.