Adobe Inc. (NASDAQ:ADBE) Holdings Decreased by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 13.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,986 shares of the software company’s stock after selling 11,826 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Adobe were worth $38,308,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ADBE. International Assets Investment Management LLC increased its holdings in shares of Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the period. Longview Partners Guernsey LTD purchased a new position in shares of Adobe during the 2nd quarter valued at $663,745,000. FMR LLC raised its holdings in shares of Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Liberty Wealth Management LLC boosted its position in Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its position in Adobe by 982.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after purchasing an additional 491,627 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by company insiders.

Adobe Stock Up 0.4 %

Shares of NASDAQ ADBE opened at $515.93 on Friday. The firm has a 50 day moving average price of $503.01 and a 200 day moving average price of $519.95. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $227.11 billion, a P/E ratio of 43.58, a P/E/G ratio of 2.65 and a beta of 1.30. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the business posted $3.26 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.

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.