BTC Capital Management Inc. Sells 876 Shares of Adobe Inc. (NASDAQ:ADBE)

BTC Capital Management Inc. lessened its position in Adobe Inc. (NASDAQ:ADBE) by 5.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,612 shares of the software company’s stock after selling 876 shares during the period. BTC Capital Management Inc.’s holdings in Adobe were worth $5,988,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of ADBE. Norges Bank bought a new position in shares of Adobe in the 4th quarter valued at about $2,553,035,000. GAMMA Investing LLC grew its position in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares during the period. Proficio Capital Partners LLC grew its position in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after acquiring an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after acquiring an additional 952,233 shares during the period. Finally, Two Sigma Advisers LP grew its position in shares of Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after acquiring an additional 830,300 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ADBE. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Jefferies Financial Group reduced their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a report on Monday, March 31st. Mizuho reduced their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $414.76 on Friday. The firm has a 50 day moving average of $379.10 and a 200-day moving average of $428.70. The stock has a market capitalization of $176.77 billion, a PE ratio of 33.45, a PEG ratio of 2.15 and a beta of 1.55. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the company earned $4.48 EPS. On average, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.16% of the company’s stock.

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.