M&T Bank Corp boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 156,198 shares of the software company's stock after buying an additional 5,905 shares during the quarter. M&T Bank Corp's holdings in Adobe were worth $80,876,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in ADBE. State Street Corp boosted its holdings in Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company's stock valued at $10,495,544,000 after purchasing an additional 234,909 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company's stock valued at $5,435,377,000 after buying an additional 147,981 shares during the period. FMR LLC boosted its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company's stock worth $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company's stock worth $2,516,196,000 after acquiring an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company's stock valued at $2,455,079,000 after acquiring an additional 140,390 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have commented on ADBE shares. Argus upgraded Adobe to a "strong-buy" rating in a research report on Monday, September 16th. Jefferies Financial Group lowered their price target on shares of Adobe from $700.00 to $650.00 and set a "buy" rating on the stock in a report on Thursday, December 12th. BMO Capital Markets dropped their price target on shares of Adobe from $600.00 to $570.00 and set an "outperform" rating on the stock in a research report on Thursday, December 12th. Mizuho decreased their price objective on shares of Adobe from $640.00 to $620.00 and set an "outperform" rating for the company in a research report on Thursday, December 12th. Finally, DA Davidson dropped their target price on Adobe from $685.00 to $625.00 and set a "buy" rating on the stock in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $584.88.
View Our Latest Research Report on ADBE
NASDAQ:ADBE opened at $447.17 on Friday. Adobe Inc. has a one year low of $432.47 and a one year high of $638.25. The stock has a market cap of $196.84 billion, a PE ratio of 36.06, a P/E/G ratio of 2.51 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a 50 day moving average price of $500.48 and a 200 day moving average price of $522.65.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the company earned $3.52 EPS. Equities research analysts expect that Adobe Inc. will post 16.73 EPS for the current fiscal year.
In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,293 shares of company stock worth $14,719,309 over the last quarter. 0.15% of the stock is currently owned by company insiders.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Adobe, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Adobe wasn't on the list.
While Adobe currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.