Bank of New York Mellon Corp Sells 194,700 Shares of Adobe Inc. (NASDAQ:ADBE)

Bank of New York Mellon Corp lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,709,318 shares of the software company’s stock after selling 194,700 shares during the quarter. Bank of New York Mellon Corp owned about 1.31% of Adobe worth $2,538,819,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Connable Office Inc. raised its position in shares of Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the last quarter. 1ST Source Bank grew its position in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares during the last quarter. James J. Burns & Company LLC increased its stake in Adobe by 5.6% during the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after purchasing an additional 22 shares in the last quarter. Holistic Financial Partners raised its holdings in Adobe by 6.0% in the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after buying an additional 22 shares during the last quarter. Finally, Latitude Advisors LLC lifted its stake in shares of Adobe by 4.3% in the third quarter. Latitude Advisors LLC now owns 555 shares of the software company’s stock worth $287,000 after buying an additional 23 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $444.42 on Tuesday. 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 Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The stock has a market cap of $193.46 billion, a price-to-earnings ratio of 35.84, a PEG ratio of 2.15 and a beta of 1.31. The company’s 50 day moving average is $440.12 and its two-hundred day moving average is $493.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the firm earned $3.52 EPS. The company’s revenue was up 11.1% on a year-over-year basis. As a group, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Stifel Nicolaus decreased their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $590.00 target price on shares of Adobe in a report on Thursday, February 13th. Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 20th. Finally, Sanford C. Bernstein lowered their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred 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 sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value 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. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 over the last ninety days. Corporate insiders own 0.15% 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.