Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Intact Investment Management Inc.

Intact Investment Management Inc. boosted its position in Adobe Inc. (NASDAQ:ADBE) by 9.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,470 shares of the software company’s stock after buying an additional 220 shares during the period. Intact Investment Management Inc.’s holdings in Adobe were worth $1,372,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after buying an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD raised its position in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Norges Bank acquired a new stake in Adobe in the fourth quarter valued at $3,277,785,000. Charles Schwab Investment Management Inc. boosted its position in shares of Adobe by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after purchasing an additional 66,180 shares in the last quarter. Finally, Concentrum Wealth Management grew its stake in shares of Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after purchasing an additional 244,008 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. Barclays boosted their price target on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Wells Fargo & Company boosted their target price on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. KeyCorp raised their price target on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. BMO Capital Markets boosted their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Finally, TD Cowen dropped their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 over the last 90 days. 0.15% of the stock is owned by company insiders.

Adobe Price Performance

Adobe stock traded up $4.78 during trading hours on Friday, hitting $574.41. 1,982,970 shares of the company traded hands, compared to its average volume of 3,201,657. The firm’s 50-day simple moving average is $550.32 and its two-hundred day simple moving average is $519.64. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market cap of $254.69 billion, a P/E ratio of 51.61, a P/E/G ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results 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 return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the firm earned $3.04 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.