BTC Capital Management Inc. Sells 1,614 Shares of Adobe Inc. (NASDAQ:ADBE)

BTC Capital Management Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 8.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 16,488 shares of the software company’s stock after selling 1,614 shares during the quarter. BTC Capital Management Inc.’s holdings in Adobe were worth $7,332,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of ADBE. Hamilton Point Investment Advisors LLC increased its stake in Adobe by 1.0% in the 4th quarter. Hamilton Point Investment Advisors LLC now owns 20,075 shares of the software company’s stock worth $8,927,000 after buying an additional 199 shares in the last quarter. Country Trust Bank grew its position in shares of Adobe by 14.4% during the fourth quarter. Country Trust Bank now owns 86,023 shares of the software company’s stock valued at $38,253,000 after purchasing an additional 10,829 shares in the last quarter. CMG Global Holdings LLC grew its position in shares of Adobe by 3.5% during the fourth quarter. CMG Global Holdings LLC now owns 1,351 shares of the software company’s stock valued at $591,000 after purchasing an additional 46 shares in the last quarter. Hunter Associates Investment Management LLC grew its position in shares of Adobe by 5.2% during the fourth quarter. Hunter Associates Investment Management LLC now owns 937 shares of the software company’s stock valued at $415,000 after purchasing an additional 46 shares in the last quarter. Finally, Boomfish Wealth Group LLC grew its position in shares of Adobe by 5.1% during the fourth quarter. Boomfish Wealth Group LLC now owns 4,632 shares of the software company’s stock valued at $2,060,000 after purchasing an additional 223 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Oppenheimer cut their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group dropped their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein dropped their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and dropped their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Royal Bank of Canada dropped their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Performance

Shares of ADBE stock opened at $446.00 on Friday. The firm has a market cap of $194.14 billion, a price-to-earnings ratio of 35.97, a PEG ratio of 2.14 and a beta of 1.31. The company’s 50 day moving average is $463.46 and its 200 day moving average is $504.74. 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 Inc. has a 52-week low of $403.75 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for 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 revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company posted $3.52 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 over the last ninety days. 0.15% of the stock is owned by company 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.