CIBC Asset Management Inc Sells 13,378 Shares of Adobe Inc. (NASDAQ:ADBE)

CIBC Asset Management Inc cut its stake in Adobe Inc. (NASDAQ:ADBE) by 8.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 152,606 shares of the software company’s stock after selling 13,378 shares during the period. CIBC Asset Management Inc’s holdings in Adobe were worth $79,016,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after acquiring an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Adobe by 0.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after buying an additional 12,065 shares during the period. Clearbridge Investments LLC lifted its stake in Adobe by 0.8% in the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after acquiring an additional 15,685 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Adobe by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after purchasing an additional 185,737 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ADBE shares. Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Sanford C. Bernstein dropped their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Finally, Barclays raised their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Down 0.5 %

NASDAQ:ADBE opened at $529.87 on Friday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s fifty day moving average is $511.75 and its two-hundred day moving average is $517.67. The stock has a market capitalization of $233.25 billion, a price-to-earnings ratio of 44.75, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.26 EPS. Research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insider Activity at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 over the last 90 days. 0.15% of the stock is owned by corporate 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.