Adobe Inc. (NASDAQ:ADBE) Shares Sold by First Western Trust Bank

Key Points

• First Western Trust Bank reduced its stake in Adobe Inc. by 17.0%, owning 5,768 shares valued at $2.21 million after selling 1,184 shares during the first quarter.
• Several other institutional investors significantly increased their positions in Adobe, including GAMMA Investing LLC which raised its stake by 46,806.6% to own 2,990,767 shares worth over $1.14 billion.
• Adobe's recent quarterly earnings exceeded expectations, with a reported $5.06 EPS and revenue of $5.87 billion, marking a 10.6% year-over-year increase.

First Western Trust Bank lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,768 shares of the software company's stock after selling 1,184 shares during the period. First Western Trust Bank's holdings in Adobe were worth $2,212,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of ADBE. Zions Bancorporation National Association UT purchased a new stake in Adobe during the 1st quarter worth about $2,966,000. Founders Financial Alliance LLC lifted its position in Adobe by 9.1% during the 1st quarter. Founders Financial Alliance LLC now owns 1,613 shares of the software company's stock worth $619,000 after acquiring an additional 135 shares during the period. Forsta AP Fonden lifted its position in Adobe by 9.2% during the 1st quarter. Forsta AP Fonden now owns 120,600 shares of the software company's stock worth $46,254,000 after acquiring an additional 10,200 shares during the period. Bristlecone Advisors LLC lifted its holdings in shares of Adobe by 22.6% in the 1st quarter. Bristlecone Advisors LLC now owns 12,674 shares of the software company's stock valued at $4,861,000 after buying an additional 2,333 shares during the period. Finally, Savvy Advisors Inc. lifted its holdings in shares of Adobe by 47.1% in the 1st quarter. Savvy Advisors Inc. now owns 2,157 shares of the software company's stock valued at $827,000 after buying an additional 691 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ADBE. Citigroup reduced their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Oppenheimer lowered their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Evercore ISI reiterated an "outperform" rating and issued a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Morgan Stanley reduced their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, JMP Securities restated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Stock Performance

ADBE stock traded up $3.53 on Tuesday, reaching $337.18. The company's stock had a trading volume of 2,077,471 shares, compared to its average volume of 3,787,184. Adobe Inc. has a 52 week low of $330.04 and a 52 week high of $587.75. The company has a market capitalization of $143.03 billion, a P/E ratio of 21.57, a price-to-earnings-growth ratio of 1.62 and a beta of 1.51. The firm has a fifty day moving average of $377.15 and a two-hundred day moving average of $394.76. 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 (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during 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%. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.48 earnings per share. As a group, analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.