M&T Bank Corp Sells 5,115 Shares of Adobe Inc. (NASDAQ:ADBE)

M&T Bank Corp lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 151,083 shares of the software company’s stock after selling 5,115 shares during the period. M&T Bank Corp’s holdings in Adobe were worth $67,183,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Assetmark Inc. grew its position in shares of Adobe by 66.3% in the 4th quarter. Assetmark Inc. now owns 33,787 shares of the software company’s stock valued at $15,024,000 after acquiring an additional 13,464 shares during the period. Triad Wealth Partners LLC bought a new position in shares of Adobe in the 4th quarter valued at about $307,000. Victory Capital Management Inc. grew its position in shares of Adobe by 12.4% in the 4th quarter. Victory Capital Management Inc. now owns 522,917 shares of the software company’s stock valued at $232,531,000 after acquiring an additional 57,634 shares during the period. Horan Capital Advisors LLC. boosted its position in Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock worth $2,162,000 after purchasing an additional 114 shares during the period. Finally, Ring Mountain Capital LLC bought a new position in shares of Adobe in the fourth quarter valued at about $225,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Adobe stock opened at $446.03 on Wednesday. The company has a market capitalization of $194.16 billion, a PE ratio of 35.97, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The firm has a fifty day simple moving average of $439.55 and a two-hundred day simple moving average of $489.03. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ADBE shares. Stifel Nicolaus decreased their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $590.00 price objective on shares of Adobe in a report on Thursday, February 13th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. Jefferies Financial Group reduced their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $570.88.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 in the last quarter. 0.15% of the stock is currently owned by insiders.

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.