Commerce Bank Decreases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Commerce Bank reduced its stake in Adobe Inc. by 12.8%, now holding approximately $41.94 million in shares after selling 16,036 shares in the first quarter.
• Bank of America and Wells Fargo recently raised their price targets for Adobe's stock to $475.00 and $470.00, respectively, both issuing a "buy" rating.
• Adobe reported earnings of $5.06 per share, exceeding estimates and showcasing a year-over-year revenue growth of 10.6%, with net margins at 30.39%.

Commerce Bank trimmed its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 109,339 shares of the software company's stock after selling 16,036 shares during the period. Commerce Bank's holdings in Adobe were worth $41,935,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Lindenwold Advisors INC raised its position in shares of Adobe by 29.2% in the 1st quarter. Lindenwold Advisors INC now owns 3,963 shares of the software company's stock worth $1,520,000 after acquiring an additional 896 shares in the last quarter. US Bancorp DE raised its position in shares of Adobe by 15.1% in the 1st quarter. US Bancorp DE now owns 352,933 shares of the software company's stock worth $135,360,000 after acquiring an additional 46,414 shares in the last quarter. HHM Wealth Advisors LLC bought a new position in shares of Adobe in the 1st quarter worth $30,000. King Wealth Management Group grew its stake in Adobe by 143.0% during the 1st quarter. King Wealth Management Group now owns 1,504 shares of the software company's stock worth $577,000 after buying an additional 885 shares during the last quarter. Finally, MGO One Seven LLC increased its position in Adobe by 4.0% during the 1st quarter. MGO One Seven LLC now owns 7,478 shares of the software company's stock valued at $2,868,000 after buying an additional 285 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADBE. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and reduced their target price for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 target price (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Adobe has an average rating of "Moderate Buy" and an average price target of $473.88.

Adobe Price Performance

ADBE stock traded down $9.89 during mid-day trading on Friday, reaching $347.80. 4,305,938 shares of the company's stock were exchanged, compared to its average volume of 3,069,042. The company has a market cap of $147.54 billion, a price-to-earnings ratio of 22.25, a price-to-earnings-growth ratio of 1.70 and a beta of 1.52. The stock's 50 day moving average is $385.72 and its 200 day moving average is $399.07. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.48 earnings per share. On average, research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.