M&T Bank Corp raised its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 3.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 156,198 shares of the software company’s stock after acquiring 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 quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Family Firm Inc. purchased a new stake in shares of Adobe during the second quarter worth $48,000. McAdam LLC acquired a new stake in Adobe in the 2nd quarter valued at about $211,000. Destination Wealth Management acquired a new stake in Adobe in the 2nd quarter valued at about $221,000. Kanawha Capital Management LLC grew its position in shares of Adobe by 11.2% during the second quarter. Kanawha Capital Management LLC now owns 1,099 shares of the software company’s stock worth $611,000 after buying an additional 111 shares in the last quarter. Finally, Aries Wealth Management increased its stake in shares of Adobe by 79.2% during the second quarter. Aries Wealth Management now owns 1,165 shares of the software company’s stock worth $647,000 after buying an additional 515 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.
Adobe Stock Performance
NASDAQ ADBE opened at $447.17 on Friday. The stock has a market capitalization of $196.84 billion, a price-to-earnings ratio of 36.06, a PEG ratio of 2.51 and a beta of 1.29. The business’s 50 day moving average is $500.48 and its two-hundred day moving average is $522.65. Adobe Inc. has a 12-month low of $432.47 and a 12-month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.
Analyst Ratings Changes
ADBE has been the subject of a number of recent research reports. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and dropped their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Bank of America lowered their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Mizuho lowered their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Stifel Nicolaus lowered their target price 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. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $584.88.
Check Out Our Latest Report on Adobe
Insider Activity
In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,293 shares of company stock worth $14,719,309 in the last 90 days. 0.15% of the stock is currently owned by corporate 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.
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