Adobe Inc. (NASDAQ:ADBE) Shares Sold by Gemmer Asset Management LLC

Gemmer Asset Management LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 89.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,515 shares of the software company's stock after selling 12,380 shares during the period. Gemmer Asset Management LLC's holdings in Adobe were worth $581,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of ADBE. Geode Capital Management LLC raised 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 worth $4,739,788,000 after buying an additional 151,286 shares during the last quarter. Norges Bank purchased a new position in shares of Adobe in the fourth quarter worth $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after buying an additional 600,146 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after buying an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC raised its holdings in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after buying an additional 696,172 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADBE. Oppenheimer decreased their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. UBS Group decreased their price target on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Evercore ISI decreased their price target on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Stifel Nicolaus cut their price objective on shares of Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Finally, Bank of America cut their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Stock Performance

ADBE opened at $416.92 on Friday. The firm has a market capitalization of $177.69 billion, a PE ratio of 33.62, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The firm's 50-day moving average price is $381.41 and its 200 day moving average price is $425.24. 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 (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the business posted $4.48 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.16% of the company's stock.

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.

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