Adobe Inc. (NASDAQ:ADBE) Shares Sold by FARMERS & MERCHANTS TRUST Co OF LONG BEACH

FARMERS & MERCHANTS TRUST Co OF LONG BEACH reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 2.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,159 shares of the software company’s stock after selling 333 shares during the period. Adobe accounts for about 1.1% of FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings, making the stock its 21st biggest position. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Adobe were worth $4,280,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Sepio Capital LP lifted its position in shares of Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank grew its position in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC increased its stake in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after buying an additional 22 shares during the last quarter. RB Capital Management LLC lifted its position in Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock worth $2,198,000 after buying an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC boosted its stake in shares of Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock worth $276,000 after buying an additional 23 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.16% of the stock is currently owned by insiders.

Adobe Price Performance

ADBE stock opened at $391.68 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company’s 50-day moving average is $386.76 and its 200-day moving average is $420.43. The stock has a market capitalization of $166.93 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ADBE. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Wells Fargo & Company lifted their price objective on shares of Adobe from $430.00 to $470.00 and gave the company an “overweight” rating in a research report on Friday. Royal Bank of Canada restated an “outperform” rating and set a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Morgan Stanley cut their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. lowered their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Company 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.