Trustmark National Bank Trust Department Sells 31 Shares of Adobe Inc. (NASDAQ:ADBE)

Trustmark National Bank Trust Department reduced its position in Adobe Inc. (NASDAQ:ADBE) by 2.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,506 shares of the software company’s stock after selling 31 shares during the quarter. Trustmark National Bank Trust Department’s holdings in Adobe were worth $760,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ADBE. Lantz Financial LLC increased its holdings in shares of Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after acquiring an additional 17 shares in the last quarter. B & T Capital Management DBA Alpha Capital Management increased its holdings in Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after buying an additional 17 shares in the last quarter. Evolution Advisers Inc. increased its holdings in Adobe by 14.3% in the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after buying an additional 17 shares in the last quarter. Sound View Wealth Advisors Group LLC increased its holdings in Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after buying an additional 17 shares in the last quarter. Finally, Wade G W & Inc. increased its holdings in Adobe by 0.5% in the 4th quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock worth $2,215,000 after buying an additional 18 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 1.2 %

NASDAQ ADBE traded down $6.52 during trading hours on Tuesday, hitting $548.30. 851,280 shares of the company were exchanged, compared to its average volume of 3,445,026. The company has a 50 day moving average of $512.42 and a two-hundred day moving average of $531.16. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The firm has a market cap of $243.12 billion, a price-to-earnings ratio of 49.23, a PEG ratio of 2.88 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the prior year, the business posted $3.04 EPS. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. Sanford C. Bernstein lifted their price objective on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. Wells Fargo & Company lifted their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Barclays increased their price target on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Finally, Stifel Nicolaus decreased their price target on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $603.33.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders sold 29,755 shares of company stock valued at $16,016,103. Corporate insiders own 0.15% 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.