Adobe Inc. (NASDAQ:ADBE) Shares Sold by NBT Bank N A NY

NBT Bank N A NY lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 33.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,721 shares of the software company's stock after selling 1,373 shares during the period. NBT Bank N A NY's holdings in Adobe were worth $1,044,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Siemens Fonds Invest GmbH increased its position in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the period. SWAN Capital LLC purchased a new position in shares of Adobe during the fourth quarter worth approximately $28,000. Copia Wealth Management acquired a new position in shares of Adobe in the 4th quarter valued at $28,000. Summit Securities Group LLC acquired a new position in shares of Adobe in the 4th quarter valued at $31,000. Finally, Bernard Wealth Management Corp. acquired a new stake in Adobe during the 4th quarter worth $36,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE stock opened at $382.68 on Wednesday. The company has a market cap of $163.10 billion, a PE ratio of 24.48, a price-to-earnings-growth ratio of 1.97 and a beta of 1.55. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The stock has a 50-day moving average price of $388.36 and a two-hundred day moving average price of $419.38. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Insider Activity

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on ADBE. DA Davidson dropped their price objective on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Mizuho lowered their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Stifel Nicolaus reduced their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Wells Fargo & Company reiterated an "overweight" rating and issued a $470.00 target price (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Finally, BMO Capital Markets restated an "outperform" rating and set a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $494.67.

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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