Bremer Bank National Association Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Bremer Bank National Association decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,426 shares of the software company’s stock after selling 30 shares during the period. Bremer Bank National Association’s holdings in Adobe were worth $634,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. International Assets Investment Management LLC lifted its position in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares in the last quarter. FMR LLC raised its stake in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after purchasing an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd acquired a new position in Adobe in the 4th quarter valued at $110,744,000. Finally, Erste Asset Management GmbH acquired a new position in Adobe in the 3rd quarter valued at $126,703,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $429.99 on Monday. The stock has a 50-day simple moving average of $476.55 and a 200-day simple moving average of $512.44. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07. The stock has a market capitalization of $189.28 billion, a PE ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.52 EPS. On average, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently commented on ADBE shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Citigroup cut their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Bank of America cut their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. Finally, DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $573.00.

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.