Zurcher Kantonalbank Zurich Cantonalbank Sells 7,023 Shares of Adobe Inc. (NASDAQ:ADBE)

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 364,456 shares of the software company's stock after selling 7,023 shares during the period. Adobe accounts for 0.8% of Zurcher Kantonalbank Zurich Cantonalbank's holdings, making the stock its 16th biggest position. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.08% of Adobe worth $217,434,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rockland Trust Co. raised its stake in Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company's stock valued at $564,000 after acquiring an additional 44 shares during the period. Mainsail Financial Group LLC raised its stake in Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company's stock valued at $1,252,000 after acquiring an additional 184 shares during the period. Team Hewins LLC bought a new stake in Adobe in the 3rd quarter valued at $4,141,000. Guinness Asset Management LTD raised its stake in Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company's stock valued at $22,734,000 after acquiring an additional 2,499 shares during the period. Finally, Dynamic Advisor Solutions LLC raised its stake in Adobe by 23.9% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company's stock valued at $4,585,000 after acquiring an additional 1,732 shares during the period. Institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Barclays lowered their price objective on Adobe from $700.00 to $630.00 and set an "overweight" rating on the stock in a research report on Friday, March 15th. KeyCorp assumed coverage on Adobe in a research report on Thursday, March 21st. They set an "underweight" rating and a $445.00 price objective on the stock. Mizuho reiterated a "buy" rating and set a $680.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. TheStreet cut Adobe from a "b-" rating to a "c+" rating in a research report on Tuesday, March 19th. Finally, Wells Fargo & Company lowered their price objective on Adobe from $690.00 to $675.00 and set an "overweight" rating on the stock in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $620.72.

Adobe Trading Up 1.3 %

Adobe stock traded up $6.12 during trading hours on Tuesday, hitting $476.22. The stock had a trading volume of 2,658,924 shares, compared to its average volume of 3,613,352. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $213.35 billion, a price-to-earnings ratio of 45.53, a P/E/G ratio of 2.57 and a beta of 1.28. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The business's 50 day simple moving average is $536.02 and its 200-day simple moving average is $567.62.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business's quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the company earned $2.97 earnings per share. On average, equities analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 84 shares of the firm's stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 84 shares of the firm's stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the firm's stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares of the company's stock, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders sold 3,063 shares of company stock worth $1,853,025 over the last ninety days. 0.15% of the stock is owned by insiders.

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.