Fulton Bank N.A. cut its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,534 shares of the software company's stock after selling 646 shares during the period. Fulton Bank N.A.'s holdings in Adobe were worth $5,958,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of ADBE. Brighton Jones LLC raised its stake in shares of Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after buying an additional 167 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in shares of Adobe during the fourth quarter worth $76,712,000. Clear Creek Financial Management LLC lifted its position in shares of Adobe by 10.4% during the fourth quarter. Clear Creek Financial Management LLC now owns 1,266 shares of the software company's stock worth $563,000 after acquiring an additional 119 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of Adobe by 12.7% in the fourth quarter. Chicago Partners Investment Group LLC now owns 3,271 shares of the software company's stock worth $1,373,000 after acquiring an additional 369 shares during the period. Finally, SYM FINANCIAL Corp purchased a new position in shares of Adobe in the fourth quarter valued at $332,000. 81.79% of the stock is owned by institutional investors.
Adobe Stock Performance
NASDAQ:ADBE traded up $1.29 during trading hours on Thursday, reaching $415.20. The company had a trading volume of 2,241,074 shares, compared to its average volume of 3,410,257. 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 1-year low of $332.01 and a 1-year high of $587.75. The business's 50 day moving average price is $380.10 and its 200-day moving average price is $426.39. The firm has a market cap of $176.96 billion, a PE ratio of 33.48, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the firm posted $4.48 earnings per share. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.
Insider Activity
In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.16% of the company's stock.
Analyst Ratings Changes
ADBE has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered 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. Citigroup cut their price target on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a report on Monday, March 10th. Evercore ISI decreased their price target on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Morgan Stanley lowered their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company decreased their target price on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. 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.com, Adobe currently has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.
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Adobe Company Profile
(
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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