BTC Capital Management Inc. Sells 1,073 Shares of Adobe Inc. (NASDAQ:ADBE)

BTC Capital Management Inc. decreased its position in Adobe Inc. (NASDAQ:ADBE) by 6.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,773 shares of the software company’s stock after selling 1,073 shares during the quarter. BTC Capital Management Inc.’s holdings in Adobe were worth $8,295,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Graham Capital Wealth Management LLC acquired a new position in shares of Adobe during the 1st quarter worth about $204,246,000. Independence Bank of Kentucky lifted its holdings in shares of Adobe by 209.1% during the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after buying an additional 46 shares during the last quarter. NewSquare Capital LLC boosted its position in shares of Adobe by 278.9% in the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after acquiring an additional 53 shares during the period. Financial Management Professionals Inc. grew its stake in shares of Adobe by 171.0% in the first quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after acquiring an additional 53 shares during the last quarter. Finally, Financial Freedom LLC bought a new position in Adobe during the fourth quarter worth $29,000. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $615.00 price target on shares of Adobe in a research report on Friday. Atlantic Securities boosted their price target on Adobe from $420.00 to $580.00 in a research note on Friday, June 16th. Jefferies Financial Group upped their price target on Adobe from $600.00 to $660.00 and gave the company a “buy” rating in a report on Monday, September 11th. Mizuho reissued a “buy” rating and set a $630.00 price objective on shares of Adobe in a report on Friday. Finally, The Goldman Sachs Group upped their target price on Adobe from $550.00 to $625.00 and gave the company a “buy” rating in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $586.38.

Adobe Trading Down 0.2 %

Shares of ADBE traded down $0.88 during trading hours on Monday, hitting $528.01. 437,962 shares of the stock traded hands, compared to its average volume of 3,209,459. The business has a fifty day moving average of $530.08 and a 200-day moving average of $443.78. The firm has a market capitalization of $240.67 billion, a PE ratio of 50.47, a price-to-earnings-growth ratio of 3.32 and a beta of 1.33. Adobe Inc. has a 1-year low of $274.73 and a 1-year high of $570.24. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.24.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.98 by $0.11. The company had revenue of $4.89 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm earned $2.63 EPS. Analysts expect that Adobe Inc. will post 12.56 EPS for the current year.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,135,930.70. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Scott Belsky sold 2,191 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $520.00, for a total value of $1,139,320.00. Following the completion of the transaction, the executive vice president now owns 23,775 shares in the company, valued at $12,363,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 298 shares of the business’s stock in a transaction dated 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 owns 4,055 shares in the company, valued at $2,135,930.70. The disclosure for this sale can be found here. Insiders sold a total of 43,089 shares of company stock valued at $20,720,115 over the last three months. Company insiders own 0.24% 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.