Zions Bancorporation N.A. Sells 1,063 Shares of Adobe Inc. (NASDAQ:ADBE)

Zions Bancorporation N.A. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 13.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,083 shares of the software company’s stock after selling 1,063 shares during the period. Zions Bancorporation N.A.’s holdings in Adobe were worth $3,150,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADBE. United Bank boosted its position in shares of Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after purchasing an additional 428 shares in the last quarter. Eagle Asset Management Inc. boosted its holdings in Adobe by 13.9% in the third quarter. Eagle Asset Management Inc. now owns 16,839 shares of the software company’s stock worth $8,330,000 after acquiring an additional 2,052 shares in the last quarter. Penserra Capital Management LLC boosted its holdings in Adobe by 1.2% in the third quarter. Penserra Capital Management LLC now owns 4,570 shares of the software company’s stock worth $2,365,000 after acquiring an additional 54 shares in the last quarter. Larson Financial Group LLC grew its stake in shares of Adobe by 105.0% in the third quarter. Larson Financial Group LLC now owns 1,101 shares of the software company’s stock worth $570,000 after acquiring an additional 564 shares during the last quarter. Finally, Centaurus Financial Inc. increased its holdings in shares of Adobe by 5.4% during the third quarter. Centaurus Financial Inc. now owns 2,681 shares of the software company’s stock valued at $1,388,000 after acquiring an additional 137 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ADBE shares. Oppenheimer cut their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a report on Wednesday, January 15th. Wells Fargo & Company decreased their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. UBS Group set a $495.00 target price on Adobe in a research note on Thursday, March 13th. Finally, Citigroup decreased their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $538.80.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Adobe Stock Up 1.9 %

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

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm earned $4.48 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.