Commerce Bank Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Commerce Bank lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 131,213 shares of the software company’s stock after selling 535 shares during the period. Commerce Bank’s holdings in Adobe were worth $78,282,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. One Charles Private Wealth Services LLC raised its position in Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after purchasing an additional 17 shares during the period. Invst LLC lifted its holdings in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after buying an additional 17 shares in the last quarter. Raleigh Capital Management Inc. boosted its position in Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares during the period. Lantz Financial LLC increased its position in shares of Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after acquiring an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management raised its stake in shares of Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after acquiring an additional 17 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

ADBE traded down $2.48 on Thursday, reaching $481.45. 1,577,673 shares of the company’s stock were exchanged, compared to its average volume of 3,314,250. The stock has a market cap of $215.69 billion, a PE ratio of 46.26, a P/E/G ratio of 2.61 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a twelve month low of $361.72 and a twelve month high of $638.25. The stock’s fifty day moving average price is $488.89 and its 200-day moving average price is $556.83.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.97 earnings per share. Sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock worth $1,424,432 in the last ninety days. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ADBE shares. UBS Group reduced their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Mizuho reaffirmed a “buy” rating and issued a $680.00 price target on shares of Adobe in a research report on Wednesday, March 27th. HSBC cut their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Finally, DA Davidson reissued a “buy” rating and issued a $685.00 price target on shares of Adobe in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

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.