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

Mechanics Bank Trust Department lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 9.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,868 shares of the software company’s stock after selling 426 shares during the period. Mechanics Bank Trust Department’s holdings in Adobe were worth $1,720,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ADBE. Pacer Advisors Inc. raised its holdings in Adobe by 5.2% during the second quarter. Pacer Advisors Inc. now owns 67,645 shares of the software company’s stock valued at $37,580,000 after buying an additional 3,355 shares in the last quarter. Westwood Holdings Group Inc. increased its stake in shares of Adobe by 26.5% in the second quarter. Westwood Holdings Group Inc. now owns 9,287 shares of the software company’s stock worth $5,159,000 after purchasing an additional 1,948 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Adobe by 333.4% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock worth $3,947,000 after purchasing an additional 5,465 shares during the period. Frank Rimerman Advisors LLC increased its stake in shares of Adobe by 1,079.7% in the second quarter. Frank Rimerman Advisors LLC now owns 9,697 shares of the software company’s stock worth $5,387,000 after purchasing an additional 8,875 shares during the period. Finally, Greenline Partners LLC bought a new position in shares of Adobe in the second quarter worth about $413,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Royal Bank of Canada lowered their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Sanford C. Bernstein decreased their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Bank of America decreased their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Piper Sandler reduced their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.7 %

Adobe stock opened at $429.99 on Monday. The stock has a market cap of $189.28 billion, a P/E ratio of 34.68, a P/E/G ratio of 1.97 and a beta of 1.31. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The company’s 50-day moving average price is $476.55 and its two-hundred day moving average price is $512.44.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the company posted $3.52 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock valued at $893,665 in the last 90 days. Corporate insiders own 0.15% 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.