Mechanics Bank Trust Department Lowers Holdings in Adobe Inc. (NASDAQ:ADBE)

Mechanics Bank Trust Department reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,294 shares of the software company’s stock after selling 74 shares during the period. Mechanics Bank Trust Department’s holdings in Adobe were worth $2,223,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Montis Financial LLC purchased a new position in shares of Adobe during the third quarter worth $362,000. CRA Financial Services LLC raised its stake in shares of Adobe by 5.7% in the third quarter. CRA Financial Services LLC now owns 534 shares of the software company’s stock valued at $277,000 after acquiring an additional 29 shares in the last quarter. HCR Wealth Advisors raised its stake in shares of Adobe by 5.9% in the third quarter. HCR Wealth Advisors now owns 3,436 shares of the software company’s stock valued at $1,779,000 after acquiring an additional 190 shares in the last quarter. Covea Finance raised its stake in shares of Adobe by 7.7% in the third quarter. Covea Finance now owns 73,889 shares of the software company’s stock valued at $38,258,000 after acquiring an additional 5,300 shares in the last quarter. Finally, Guinness Atkinson Asset Management Inc raised its stake in shares of Adobe by 30.4% in the third quarter. Guinness Atkinson Asset Management Inc now owns 12,577 shares of the software company’s stock valued at $6,512,000 after acquiring an additional 2,930 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE opened at $495.42 on Friday. The stock has a market cap of $219.67 billion, a P/E ratio of 44.51, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock’s 50 day simple moving average is $537.29 and its 200 day simple moving average is $515.80. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.26 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus raised their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Citigroup lifted their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, Sanford C. Bernstein cut their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is owned by insiders.

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.