BTC Capital Management Inc. Sells 1,073 Shares of Adobe Inc. (NASDAQ:ADBE)

BTC Capital Management Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 6.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,773 shares of the software company’s stock after selling 1,073 shares during the period. BTC Capital Management Inc.’s holdings in Adobe were worth $8,295,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Graham Capital Wealth Management LLC purchased a new stake in shares of Adobe in the first quarter worth about $204,246,000. Independence Bank of Kentucky raised its holdings in shares of Adobe by 209.1% during the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after acquiring an additional 46 shares in the last quarter. NewSquare Capital LLC boosted its position in shares of Adobe by 278.9% during the 1st quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after acquiring an additional 53 shares during the last quarter. Financial Management Professionals Inc. grew its holdings in shares of Adobe by 171.0% in the first quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock valued at $32,000 after purchasing an additional 53 shares in the last quarter. Finally, Financial Freedom LLC bought a new stake in Adobe in the fourth quarter worth $29,000. Hedge funds and other institutional investors own 80.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ADBE. Piper Sandler increased their price objective on shares of Adobe from $572.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday. Morgan Stanley upgraded Adobe from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $510.00 to $660.00 in a research report on Monday, July 31st. The Goldman Sachs Group upped their price objective on Adobe from $550.00 to $625.00 and gave the company a “buy” rating in a research report on Friday. Atlantic Securities boosted their target price on Adobe from $420.00 to $580.00 in a research report on Friday, June 16th. Finally, StockNews.com began coverage on shares of Adobe in a research note on Thursday, August 17th. They set a “buy” rating for the company. Nine analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $586.38.

Adobe Stock Down 0.2 %

Adobe stock traded down $0.88 during mid-day trading on Monday, reaching $528.01. 437,962 shares of the company were exchanged, compared to its average volume of 3,209,459. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market cap of $240.67 billion, a P/E ratio of 50.47, a PEG ratio of 3.32 and a beta of 1.33. The business has a fifty day moving average of $530.08 and a 200 day moving average of $443.78. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $570.24.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. The firm had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.63 EPS. Research analysts anticipate that Adobe Inc. will post 12.56 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,135,930.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,135,930.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 35,000 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total value of $16,731,050.00. Following the sale, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Insiders have sold a total of 43,089 shares of company stock valued at $20,720,115 in the last 90 days. Insiders own 0.24% 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.