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

Mechanics Bank Trust Department reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 8.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,473 shares of the software company’s stock after selling 332 shares during the period. Mechanics Bank Trust Department’s holdings in Adobe were worth $1,698,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in ADBE. NewSquare Capital LLC raised its position in shares of Adobe by 278.9% during the 1st quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after buying an additional 53 shares in the last quarter. Financial Freedom LLC bought a new stake in shares of Adobe during the 4th quarter worth about $29,000. Financial Management Professionals Inc. raised its position in shares of Adobe by 171.0% during the 1st quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after buying an additional 53 shares in the last quarter. Independence Bank of Kentucky raised its position in shares of Adobe by 209.1% during the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after buying an additional 46 shares in the last quarter. Finally, Fortis Capital Advisors LLC bought a new stake in shares of Adobe during the 4th quarter worth about $35,000. 80.00% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of ADBE opened at $528.89 on Friday. The company’s 50 day moving average price is $530.08 and its 200 day moving average price is $442.94. Adobe Inc. has a 52 week low of $274.73 and a 52 week high of $570.24. The company has a market capitalization of $241.07 billion, a PE ratio of 50.47, a PEG ratio of 3.32 and a beta of 1.33. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, topping the consensus estimate of $3.98 by $0.11. The company had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.63 earnings per share. Research analysts expect that Adobe Inc. will post 12.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 298 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 298 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the sale, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The disclosure for this sale can be found here. Insiders sold 43,089 shares of company stock valued at $20,720,115 over the last ninety days. Corporate insiders own 0.24% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent analyst reports. Barclays boosted their price target on shares of Adobe from $620.00 to $640.00 and gave the stock an “equal weight” rating in a research report on Friday. Stifel Nicolaus boosted their target price on shares of Adobe from $550.00 to $600.00 and gave the stock a “buy” rating in a report on Friday. Wells Fargo & Company boosted their target price on shares of Adobe from $600.00 to $625.00 and gave the stock an “overweight” rating in a report on Tuesday, September 12th. 888 reiterated a “maintains” rating on shares of Adobe in a report on Friday, June 16th. Finally, The Goldman Sachs Group boosted their target price on shares of Adobe from $550.00 to $625.00 and gave the stock a “buy” rating in a report on Friday. Nine equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $586.38.

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.