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

Intact Investment Management Inc. increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.4% during the fourth quarter, Holdings Channel reports. The firm owned 2,500 shares of the software company’s stock after purchasing an additional 150 shares during the period. Intact Investment Management Inc.’s holdings in Adobe were worth $1,112,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Wellington Shields Capital Management LLC lifted its position in shares of Adobe by 75.2% during the 4th quarter. Wellington Shields Capital Management LLC now owns 233 shares of the software company’s stock valued at $104,000 after acquiring an additional 100 shares during the last quarter. King Wealth Management Group acquired a new stake in shares of Adobe during the fourth quarter worth $275,000. Atala Financial Inc purchased a new stake in shares of Adobe during the fourth quarter valued at $408,000. LBP AM SA boosted its position in shares of Adobe by 58.3% in the 4th quarter. LBP AM SA now owns 183,169 shares of the software company’s stock valued at $81,452,000 after purchasing an additional 67,479 shares during the period. Finally, Madison Investment Advisors LLC purchased a new position in Adobe in the 4th quarter worth about $18,233,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, 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 of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last 90 days. 0.16% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on ADBE. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Evercore ISI decreased their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday. Stifel Nicolaus lowered their price objective on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an “overweight” 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 on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $539.46.

Adobe Trading Up 4.5 %

Adobe stock opened at $394.74 on Friday. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The company’s fifty day moving average price is $437.03 and its two-hundred day moving average price is $482.65. The company has a market capitalization of $171.87 billion, a price-to-earnings ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS 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 business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the firm posted $4.48 EPS. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.