Adobe Inc. (NASDAQ:ADBE) Shares Sold by Mechanics Bank Trust Department

Mechanics Bank Trust Department lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 29.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,721 shares of the software company's stock after selling 1,147 shares during the quarter. Mechanics Bank Trust Department's holdings in Adobe were worth $1,044,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC raised its holdings in Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter valued at $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after buying an additional 600,146 shares during the last quarter. Northern Trust Corp boosted its position in shares of Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after buying an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC boosted its position in shares of Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after buying an additional 696,172 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Trading Up 0.3%

ADBE traded up $1.29 during trading hours on Thursday, reaching $415.20. 2,272,597 shares of the company's stock traded hands, compared to its average volume of 3,410,941. The firm has a 50-day moving average price of $380.73 and a 200 day moving average price of $425.81. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. 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 firm has a market capitalization of $176.96 billion, a PE ratio of 33.48, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 business had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same period in the prior year, the business earned $4.48 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ADBE. UBS Group dropped their price objective on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Bank of America dropped their target price on Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Citigroup dropped their target price on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Finally, DA Davidson decreased their price objective on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Insiders Place Their Bets

In related news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.16% of the company's stock.

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.