Missouri Trust & Investment Co Sells 356 Shares of Adobe Inc. (NASDAQ:ADBE)

Missouri Trust & Investment Co lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 14.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,194 shares of the software company’s stock after selling 356 shares during the period. Missouri Trust & Investment Co’s holdings in Adobe were worth $976,000 as of its most recent SEC filing.

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

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,763 shares of company stock worth $893,665. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wells Fargo & Company cut their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. BMO Capital Markets dropped their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and reduced their price target for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Trading Up 1.5 %

Shares of Adobe stock opened at $436.36 on Wednesday. The firm has a market cap of $189.95 billion, a PE ratio of 35.19, a P/E/G ratio of 2.08 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. 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 stock has a fifty day moving average price of $475.06 and a 200-day moving average price of $511.05.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the firm posted $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

About Adobe

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.