Fifth Third Bancorp trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 45.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 115,061 shares of the software company's stock after selling 97,255 shares during the period. Fifth Third Bancorp's holdings in Adobe were worth $44,129,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Simon Quick Advisors LLC boosted its holdings in shares of Adobe by 75.6% during the first quarter. Simon Quick Advisors LLC now owns 18,966 shares of the software company's stock valued at $7,274,000 after acquiring an additional 8,166 shares during the period. Exchange Bank lifted its position in Adobe by 6.2% in the 1st quarter. Exchange Bank now owns 1,029 shares of the software company's stock valued at $395,000 after purchasing an additional 60 shares during the last quarter. Thompson Investment Management Inc. boosted its stake in Adobe by 1.3% during the 1st quarter. Thompson Investment Management Inc. now owns 14,681 shares of the software company's stock valued at $5,631,000 after purchasing an additional 195 shares during the period. Visionary Horizons LLC acquired a new position in Adobe during the 1st quarter valued at about $528,000. Finally, Alpha Omega Wealth Management LLC grew its position in Adobe by 1.2% in the 1st quarter. Alpha Omega Wealth Management LLC now owns 3,036 shares of the software company's stock worth $1,164,000 after purchasing an additional 37 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.
Adobe Trading Up 2.6%
Shares of Adobe stock traded up $10.05 on Monday, reaching $401.73. 6,793,710 shares of the company were exchanged, compared to its average volume of 3,395,053. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm has a market capitalization of $171.22 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a fifty day moving average price of $388.00 and a 200-day moving average price of $419.64.
Insiders Place Their Bets
In other news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.16% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. UBS Group lifted their price target on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. DA Davidson cut their target price on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 price target on shares of Adobe in a research report on Friday. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $494.67.
View Our Latest Report on ADBE
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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