Zions Bancorporation N.A. Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Zions Bancorporation N.A. decreased its position in Adobe Inc. (NASDAQ:ADBE) by 13.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 7,083 shares of the software company’s stock after selling 1,063 shares during the quarter. Zions Bancorporation N.A.’s holdings in Adobe were worth $3,150,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in Adobe during the third quarter valued at $26,000. Groupama Asset Managment raised its position in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares in the last quarter. True Wealth Design LLC lifted its holdings in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. Decker Retirement Planning Inc. purchased a new position in Adobe in the fourth quarter worth about $31,000. Finally, Caitlin John LLC increased its stake in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after acquiring an additional 48 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

Adobe Stock Performance

Shares of ADBE stock opened at $394.47 on Tuesday. The company’s 50 day moving average is $433.88 and its 200 day moving average is $473.88. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $171.75 billion, a price-to-earnings ratio of 31.81, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the company posted $4.48 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on ADBE. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. UBS Group set a $495.00 price objective on shares of Adobe in a research note on Thursday, March 13th. Stifel Nicolaus reduced their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, Jefferies Financial Group cut their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $538.80.

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.