M&T Bank Corp Decreases Position in Adobe Inc. (NASDAQ:ADBE)

M&T Bank Corp reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 3.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 170,827 shares of the software company’s stock after selling 6,838 shares during the period. M&T Bank Corp’s holdings in Adobe were worth $101,915,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Benjamin F. Edwards & Company Inc. lifted its position in Adobe by 22.4% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 7,499 shares of the software company’s stock valued at $4,474,000 after acquiring an additional 1,372 shares during the last quarter. SouthState Corp increased its position in shares of Adobe by 0.7% during the fourth quarter. SouthState Corp now owns 40,095 shares of the software company’s stock worth $23,921,000 after purchasing an additional 261 shares in the last quarter. Aveo Capital Partners LLC lifted its holdings in shares of Adobe by 5.9% in the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after purchasing an additional 52 shares during the last quarter. Westover Capital Advisors LLC boosted its position in shares of Adobe by 27.3% in the 4th quarter. Westover Capital Advisors LLC now owns 2,093 shares of the software company’s stock valued at $1,249,000 after purchasing an additional 449 shares during the period. Finally, Intelligence Driven Advisers LLC grew its stake in Adobe by 76.6% during the 4th quarter. Intelligence Driven Advisers LLC now owns 1,747 shares of the software company’s stock worth $1,079,000 after buying an additional 758 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. HSBC reduced their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. TD Cowen decreased their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. JPMorgan Chase & Co. dropped their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Barclays reduced their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, Piper Sandler Companies lowered their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

ADBE traded up $9.61 on Friday, hitting $486.18. 2,833,186 shares of the company were exchanged, compared to its average volume of 2,940,603. The business’s fifty day moving average is $508.34 and its 200 day moving average is $561.74. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $217.81 billion, a P/E ratio of 46.48, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.97 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

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.