M&T Bank Corp lowered its holdings in Adobe Inc (NASDAQ:ADBE) by 0.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,083 shares of the software company’s stock after selling 672 shares during the period. M&T Bank Corp’s holdings in Adobe were worth $24,774,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Investec Asset Management LTD increased its holdings in Adobe by 77,287.5% during the 2nd quarter. Investec Asset Management LTD now owns 648,507 shares of the software company’s stock worth $247,000 after acquiring an additional 647,669 shares during the period. Egerton Capital UK LLP increased its holdings in Adobe by 24.6% during the 1st quarter. Egerton Capital UK LLP now owns 2,659,090 shares of the software company’s stock worth $708,621,000 after acquiring an additional 524,827 shares during the period. Close Asset Management Ltd increased its holdings in Adobe by 32,652.7% during the 1st quarter. Close Asset Management Ltd now owns 455,263 shares of the software company’s stock worth $121,314,000 after acquiring an additional 453,873 shares during the period. Marshall Wace North America L.P. increased its holdings in Adobe by 143.2% during the 1st quarter. Marshall Wace North America L.P. now owns 742,342 shares of the software company’s stock worth $197,827,000 after acquiring an additional 437,154 shares during the period. Finally, FIL Ltd increased its holdings in Adobe by 48.0% during the 1st quarter. FIL Ltd now owns 1,107,456 shares of the software company’s stock worth $295,127,000 after acquiring an additional 359,357 shares during the period. 86.48% of the stock is currently owned by institutional investors.
Shares of Adobe stock traded up $1.37 during trading on Wednesday, reaching $283.82. The company’s stock had a trading volume of 63,188 shares, compared to its average volume of 2,000,685. The company has a market cap of $138.95 billion, a price-to-earnings ratio of 51.11, a PEG ratio of 2.58 and a beta of 1.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.10. The firm’s 50-day moving average is $294.39 and its two-hundred day moving average is $280.17. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $313.11.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.05. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.70 billion. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The firm’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.66 EPS. On average, equities research analysts anticipate that Adobe Inc will post 6.3 EPS for the current year.
ADBE has been the subject of a number of research reports. BidaskClub cut shares of Adobe from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Stephens raised shares of Adobe from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $288.00 to $327.00 in a research note on Wednesday, June 19th. Wells Fargo & Co reissued a “hold” rating and issued a $275.00 price target (up previously from $250.00) on shares of Adobe in a research note on Wednesday, June 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $295.00 price target on shares of Adobe in a research note on Wednesday, June 19th. Finally, Credit Suisse Group boosted their price target on shares of Adobe from $300.00 to $325.00 and gave the stock a “positive” rating in a research note on Wednesday, June 19th. Nine equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Adobe has a consensus rating of “Buy” and a consensus price target of $301.69.
In related news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total value of $861,000.00. Following the completion of the transaction, the executive vice president now directly owns 58,458 shares in the company, valued at approximately $16,777,446. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles M. Geschke sold 13,795 shares of the stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total transaction of $3,999,998.20. The disclosure for this sale can be found here. Insiders sold a total of 29,627 shares of company stock valued at $8,697,224 over the last 90 days. Company insiders own 0.32% of the company’s stock.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
Further Reading: Outstanding Shares and The Effect on Share Price
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