Synovus Financial Corp Sells 1,550 Shares of Adobe Inc (NASDAQ:ADBE)

Synovus Financial Corp decreased its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 4.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,003 shares of the software company’s stock after selling 1,550 shares during the period. Synovus Financial Corp’s holdings in Adobe were worth $10,548,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Triangle Securities Wealth Management grew its holdings in shares of Adobe by 0.4% during the 4th quarter. Triangle Securities Wealth Management now owns 6,993 shares of the software company’s stock worth $2,306,000 after acquiring an additional 30 shares during the period. Wealth Alliance Advisory Group LLC grew its holdings in shares of Adobe by 3.3% during the 4th quarter. Wealth Alliance Advisory Group LLC now owns 967 shares of the software company’s stock worth $319,000 after acquiring an additional 31 shares during the period. Parkside Financial Bank & Trust grew its holdings in shares of Adobe by 3.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,071 shares of the software company’s stock worth $353,000 after acquiring an additional 31 shares during the period. PFG Advisors grew its holdings in shares of Adobe by 1.0% during the 4th quarter. PFG Advisors now owns 3,607 shares of the software company’s stock worth $1,219,000 after acquiring an additional 35 shares during the period. Finally, Brandywine Oak Private Wealth LLC grew its holdings in shares of Adobe by 2.0% during the 3rd quarter. Brandywine Oak Private Wealth LLC now owns 1,851 shares of the software company’s stock worth $511,000 after acquiring an additional 36 shares during the period. 85.46% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have weighed in on ADBE shares. Barclays reiterated a “neutral” rating and set a $330.00 target price on shares of Adobe in a report on Monday, December 16th. Stifel Nicolaus upped their price target on Adobe from $325.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. BMO Capital Markets upped their price target on Adobe from $300.00 to $350.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Royal Bank of Canada upped their price target on Adobe to $345.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Finally, Wells Fargo & Co upped their price target on Adobe from $315.00 to $345.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twenty have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $336.28.

ADBE traded up $4.83 during trading on Friday, hitting $379.67. 1,690,272 shares of the company’s stock traded hands, compared to its average volume of 2,183,050. The company’s 50 day simple moving average is $347.05 and its two-hundred day simple moving average is $304.07. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.09. Adobe Inc has a 12-month low of $249.10 and a 12-month high of $377.71. The stock has a market capitalization of $178.39 billion, a price-to-earnings ratio of 63.28, a PEG ratio of 2.84 and a beta of 1.09.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, December 12th. The software company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.26 by $0.03. Adobe had a return on equity of 31.47% and a net margin of 26.42%. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same period last year, the business posted $1.83 EPS. The company’s revenue was up 21.4% compared to the same quarter last year. On average, equities analysts expect that Adobe Inc will post 8.02 EPS for the current year.

In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $300.54, for a total transaction of $901,620.00. Following the sale, the chief marketing officer now directly owns 45,528 shares in the company, valued at approximately $13,682,985.12. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 948 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $319.27, for a total value of $302,667.96. Following the sale, the chief accounting officer now owns 74 shares in the company, valued at $23,625.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,793 shares of company stock worth $21,169,089. Company insiders own 0.32% of the company’s stock.

Adobe Profile

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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