CENTRAL TRUST Co decreased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 16.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,358 shares of the software company's stock after selling 2,432 shares during the quarter. CENTRAL TRUST Co's holdings in Adobe were worth $4,740,000 as of its most recent filing with the SEC.
A number of other large investors also recently modified their holdings of the business. Arizona State Retirement System lifted its holdings in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after buying an additional 570 shares during the period. Burling Wealth Partners LLC purchased a new stake in shares of Adobe during the fourth quarter valued at $1,173,000. Horan Capital Advisors LLC. boosted its position in shares of Adobe by 2.4% in the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after purchasing an additional 114 shares during the period. Proficio Capital Partners LLC boosted its holdings in shares of Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after buying an additional 1,083 shares during the period. Finally, LFA Lugano Financial Advisors SA purchased a new position in shares of Adobe in the fourth quarter worth approximately $38,000. 81.79% of the stock is owned by institutional investors and hedge funds.
Adobe Price Performance
NASDAQ:ADBE opened at $401.73 on Tuesday. 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 Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a fifty day moving average price of $388.00 and a 200 day moving average price of $419.64. The stock has a market cap of $171.22 billion, a P/E ratio of 32.40, a PEG ratio of 2.15 and a beta of 1.55.
Insider Buying and Selling
In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was purchased 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. This trade represents a 4.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on ADBE shares. DA Davidson reduced their target price on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a report on Monday, April 14th. BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 target price on shares of Adobe in a research report on Friday. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a research note on Friday. 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 report on Friday. Finally, UBS Group upped their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $494.67.
Check Out Our Latest Analysis on Adobe
About Adobe
(
Free Report)
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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