Cibc World Markets Corp Purchases 9,350 Shares of Adobe Inc. (NASDAQ:ADBE)

Cibc World Markets Corp lifted its position in Adobe Inc. (NASDAQ:ADBE) by 13.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 79,220 shares of the software company’s stock after acquiring an additional 9,350 shares during the period. Cibc World Markets Corp’s holdings in Adobe were worth $35,228,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ADBE. 1ST Source Bank grew its stake in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares during the last quarter. Holistic Financial Partners raised its stake in shares of Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after buying an additional 22 shares during the period. Foster Group Inc. raised its stake in shares of Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after buying an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC increased its position in shares of Adobe by 0.4% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock worth $2,404,000 after purchasing an additional 23 shares in the last quarter. Finally, Veery Capital LLC increased its position in shares of Adobe by 1.9% during the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock worth $585,000 after purchasing an additional 24 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $394.74 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $171.87 billion, a P/E ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. The business’s 50-day moving average is $437.03 and its two-hundred day moving average is $481.50. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the company earned $4.48 EPS. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several analyst reports. Morgan Stanley dropped their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday. Jefferies Financial Group dropped their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Royal Bank of Canada lowered their price target on Adobe from $550.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday. Robert W. Baird lowered their price target on Adobe from $500.00 to $490.00 and set a “neutral” rating for the company in a report on Thursday. Finally, UBS Group lowered their price target on Adobe from $475.00 to $460.00 and set a “neutral” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $540.60.

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.