Evercore Wealth Management LLC Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Evercore Wealth Management LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.4% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 232,786 shares of the software company’s stock after selling 844 shares during the period. Adobe makes up approximately 1.6% of Evercore Wealth Management LLC’s holdings, making the stock its 24th largest holding. Evercore Wealth Management LLC owned about 0.05% of Adobe worth $103,515,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Virtu Financial LLC purchased a new position in Adobe in the 3rd quarter valued at about $4,167,000. Morse Asset Management Inc boosted its holdings in Adobe by 32.6% in the third quarter. Morse Asset Management Inc now owns 8,494 shares of the software company’s stock valued at $4,398,000 after purchasing an additional 2,088 shares during the last quarter. Te Ahumairangi Investment Management Ltd grew its stake in Adobe by 12.9% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company’s stock valued at $2,294,000 after purchasing an additional 510 shares in the last quarter. Anchor Investment Management LLC increased its holdings in Adobe by 1.6% during the 3rd quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company’s stock worth $8,420,000 after purchasing an additional 255 shares during the last quarter. Finally, Pine Valley Investments Ltd Liability Co raised its position in shares of Adobe by 13.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company’s stock valued at $13,168,000 after purchasing an additional 3,071 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on ADBE. Oppenheimer decreased their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. BMO Capital Markets decreased their price objective on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Mizuho dropped their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. UBS Group reduced their price target on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $506.73.

Adobe Trading Up 1.9 %

Adobe stock opened at $349.91 on Wednesday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $149.13 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 2.15 and a beta of 1.49. The firm has a 50-day moving average price of $398.97 and a two-hundred day moving average price of $447.84.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm posted $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

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.