BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 13.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 73,986 shares of the software company’s stock after selling 11,826 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Adobe were worth $38,308,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Westwood Holdings Group Inc. lifted its stake in shares of Adobe by 117.6% during the first quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company’s stock valued at $3,703,000 after buying an additional 3,967 shares during the period. Bright Futures Wealth Management LLC. acquired a new stake in Adobe in the 1st quarter worth about $320,000. Transcend Capital Advisors LLC grew its holdings in Adobe by 76.0% in the 2nd quarter. Transcend Capital Advisors LLC now owns 5,169 shares of the software company’s stock valued at $2,872,000 after buying an additional 2,232 shares during the period. Park Place Capital Corp increased its stake in shares of Adobe by 17.7% during the 2nd quarter. Park Place Capital Corp now owns 2,578 shares of the software company’s stock valued at $1,432,000 after acquiring an additional 388 shares during the last quarter. Finally, Davis Capital Management lifted its holdings in shares of Adobe by 6.7% during the 2nd quarter. Davis Capital Management now owns 2,668 shares of the software company’s stock worth $1,494,000 after acquiring an additional 167 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 0.4 %

NASDAQ ADBE opened at $515.93 on Friday. The company’s fifty day moving average price is $503.01 and its two-hundred day moving average price is $519.95. The company has a market capitalization of $227.11 billion, a price-to-earnings ratio of 43.58, a price-to-earnings-growth ratio of 2.65 and a beta of 1.30. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the firm earned $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ADBE shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. UBS Group reduced their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Citigroup upped their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last ninety days. 0.15% of the stock is owned by insiders.

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.