Adobe Inc. (NASDAQ:ADBE) Holdings Cut by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 27.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,268 shares of the software company's stock after selling 1,264 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Adobe were worth $1,253,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Capital Investment Advisors LLC increased its holdings in shares of Adobe by 10.2% in the 1st quarter. Capital Investment Advisors LLC now owns 7,000 shares of the software company's stock valued at $2,685,000 after acquiring an additional 649 shares during the last quarter. Wedge Capital Management L L P NC grew its stake in shares of Adobe by 4.4% in the 1st quarter. Wedge Capital Management L L P NC now owns 859 shares of the software company's stock valued at $329,000 after purchasing an additional 36 shares during the last quarter. Broadway Wealth Solutions Inc. increased its stake in Adobe by 14.9% in the 1st quarter. Broadway Wealth Solutions Inc. now owns 662 shares of the software company's stock valued at $254,000 after buying an additional 86 shares during the period. Kennebec Savings Bank raised its holdings in Adobe by 7.3% during the first quarter. Kennebec Savings Bank now owns 1,243 shares of the software company's stock worth $477,000 after purchasing an additional 85 shares in the last quarter. Finally, KMG Fiduciary Partners LLC acquired a new stake in shares of Adobe in the 1st quarter valued at approximately $1,949,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents 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 the SEC website. Corporate insiders own 0.16% of the company's stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $0.20 during trading on Tuesday, hitting $416.06. 2,621,277 shares of the company traded hands, compared to its average volume of 3,404,860. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business's fifty day moving average is $382.02 and its 200-day moving average is $423.49. The stock has a market capitalization of $177.32 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the prior year, the business posted $4.48 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. Evercore ISI lowered their target price on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. UBS Group lifted their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday. BMO Capital Markets reduced their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Jefferies Financial Group decreased their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Robert W. Baird lowered their price target on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $503.85.

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.