Fifth Third Bancorp Cuts Holdings in Adobe Inc. (NASDAQ:ADBE)

Fifth Third Bancorp lowered its position in Adobe Inc. (NASDAQ:ADBE) by 45.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 115,061 shares of the software company’s stock after selling 97,255 shares during the period. Fifth Third Bancorp’s holdings in Adobe were worth $44,129,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Arizona State Retirement System grew its holdings in shares of Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after acquiring an additional 570 shares during the period. Burling Wealth Partners LLC acquired a new stake in shares of Adobe in the 4th quarter worth approximately $1,173,000. Horan Capital Advisors LLC. grew its holdings in shares of Adobe by 2.4% in the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock worth $2,162,000 after acquiring an additional 114 shares during the period. Proficio Capital Partners LLC grew its holdings in shares of Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock worth $1,043,000 after acquiring an additional 1,083 shares during the period. Finally, LFA Lugano Financial Advisors SA acquired a new stake in shares of Adobe in the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Summit Redstone set a $410.00 price target on Adobe in a report on Wednesday, March 19th. BMO Capital Markets lowered their target price on Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Oppenheimer dropped their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. DA Davidson dropped their price target on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Mizuho dropped their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $503.33.

Adobe Price Performance

ADBE stock opened at $413.68 on Friday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock’s fifty day simple moving average is $385.73 and its 200-day simple moving average is $422.64. 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 stock has a market capitalization of $176.31 billion, a price-to-earnings ratio of 33.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the firm earned $4.48 earnings per share. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.