Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Mechanics Bank Trust Department

Mechanics Bank Trust Department increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 60.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,368 shares of the software company’s stock after acquiring an additional 1,649 shares during the period. Mechanics Bank Trust Department’s holdings in Adobe were worth $2,427,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Evolution Advisers Inc. grew its position in shares of Adobe by 14.3% in the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock valued at $79,000 after purchasing an additional 17 shares during the last quarter. Sound View Wealth Advisors Group LLC increased its position in Adobe by 2.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after buying an additional 17 shares in the last quarter. Wade G W & Inc. increased its position in Adobe by 0.5% during the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock worth $2,215,000 after buying an additional 18 shares in the last quarter. River Street Advisors LLC raised its holdings in shares of Adobe by 2.1% in the fourth quarter. River Street Advisors LLC now owns 945 shares of the software company’s stock worth $564,000 after acquiring an additional 19 shares during the last quarter. Finally, Invst LLC lifted its position in shares of Adobe by 2.1% in the fourth quarter. Invst LLC now owns 934 shares of the software company’s stock valued at $567,000 after acquiring an additional 19 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE traded up $6.06 during trading hours on Friday, reaching $536.30. 1,272,635 shares of the company’s stock traded hands, compared to its average volume of 3,346,469. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The business’s fifty day simple moving average is $528.34 and its two-hundred day simple moving average is $525.07. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $237.80 billion, a price-to-earnings ratio of 48.19, a P/E/G ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the firm posted $3.04 earnings per share. The business’s revenue was up 10.2% on a year-over-year basis. Analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADBE. Royal Bank of Canada reissued an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research note on Thursday, August 1st. Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research note on Monday, June 10th. BMO Capital Markets upped their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Finally, Citigroup decreased their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $601.38.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 in the last ninety 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.