Fiduciary Trust Co Sells 3,927 Shares of Adobe Inc. (NASDAQ:ADBE)

Fiduciary Trust Co lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 14.2% during the fourth quarter, Holdings Channel reports. The fund owned 23,763 shares of the software company’s stock after selling 3,927 shares during the period. Fiduciary Trust Co’s holdings in Adobe were worth $10,567,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in ADBE. FORA Capital LLC acquired a new position in Adobe in the 4th quarter valued at about $920,000. Fullcircle Wealth LLC grew its position in shares of Adobe by 8.0% in the fourth quarter. Fullcircle Wealth LLC now owns 1,801 shares of the software company’s stock valued at $827,000 after purchasing an additional 133 shares during the last quarter. Citizens Business Bank bought a new position in shares of Adobe during the fourth quarter worth approximately $210,000. Clearline Capital LP acquired a new stake in Adobe during the 4th quarter worth approximately $35,977,000. Finally, Deutsche Bank AG boosted its stake in Adobe by 4.0% in the 4th quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company’s stock valued at $1,555,031,000 after purchasing an additional 133,556 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 0.3 %

Shares of ADBE stock opened at $383.99 on Friday. The stock has a 50-day moving average of $380.93 and a 200-day moving average of $437.84. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The stock has a market cap of $163.66 billion, a price-to-earnings ratio of 30.97, a PEG ratio of 2.15 and a beta of 1.55. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the firm posted $4.48 EPS. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently commented on ADBE. Robert W. Baird lowered their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Wells Fargo & Company lowered their target price on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. UBS Group cut their price target on Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Oppenheimer dropped their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, Summit Redstone set a $410.00 target price on Adobe in a report on Wednesday, March 19th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $502.88.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.16% of the company’s stock.

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.