Renasant Bank Sells 194 Shares of Adobe Inc. (NASDAQ:ADBE)

Renasant Bank reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 19.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 797 shares of the software company’s stock after selling 194 shares during the quarter. Renasant Bank’s holdings in Adobe were worth $354,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Proficio Capital Partners LLC raised its holdings in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares during the period. FMR LLC increased its holdings in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Adobe in the 4th quarter valued at about $243,827,000. Assenagon Asset Management S.A. lifted its holdings in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after purchasing an additional 347,536 shares in the last quarter. Finally, Seilern Investment Management Ltd acquired a new position in shares of Adobe during the fourth quarter worth about $110,744,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent research reports. Redburn Atlantic initiated coverage on Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Royal Bank of Canada lowered their price objective on shares of Adobe from $550.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday. BMO Capital Markets reduced their target price on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday. Bank of America lowered their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $539.46.

Adobe Trading Down 13.9 %

Shares of NASDAQ:ADBE opened at $377.84 on Friday. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75. The business has a 50 day moving average of $437.74 and a 200-day moving average of $483.80. 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 stock has a market cap of $164.51 billion, a PE ratio of 30.47, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the company posted $4.48 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In related news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.15% of the stock is owned by company insiders.

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.