M&T Bank Corp Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

M&T Bank Corp lessened its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 132,963 shares of the software company's stock after selling 18,120 shares during the quarter. M&T Bank Corp's holdings in Adobe were worth $50,995,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Brighton Jones LLC increased its holdings in shares of Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after acquiring an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after acquiring an additional 756 shares in the last quarter. GHE LLC increased its holdings in shares of Adobe by 2.9% during the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after acquiring an additional 670 shares in the last quarter. Proficio Capital Partners LLC grew its holdings in shares of Adobe by 85.8% during the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after buying an additional 1,083 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Adobe by 11.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,340 shares of the software company's stock valued at $114,879,000 after acquiring an additional 25,543 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Stifel Nicolaus dropped their price target on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research note on Friday, June 13th. Mizuho dropped their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Oppenheimer reduced their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their price objective for the company from $420.00 to $280.00 in a report on Wednesday, July 2nd. Finally, Robert W. Baird raised their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $5.31 during trading on Tuesday, hitting $382.24. The company had a trading volume of 3,707,186 shares, compared to its average volume of 3,434,383. The firm has a market capitalization of $162.15 billion, a price-to-earnings ratio of 24.46, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51. The stock has a fifty day simple moving average of $396.25 and a two-hundred day simple moving average of $407.34. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the firm earned $4.48 EPS. The company's revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe 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.