Canada Pension Plan Investment Board Lowers Stake in Adobe Inc. (NASDAQ:ADBE)

Canada Pension Plan Investment Board lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 44.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 334,737 shares of the software company’s stock after selling 269,285 shares during the period. Canada Pension Plan Investment Board owned approximately 0.08% of Adobe worth $185,960,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Wealth Advisors of Tampa Bay LLC raised its stake in shares of Adobe by 37.8% during the 2nd quarter. Wealth Advisors of Tampa Bay LLC now owns 4,959 shares of the software company’s stock valued at $2,755,000 after buying an additional 1,359 shares during the last quarter. Ieq Capital LLC lifted its stake in shares of Adobe by 5.4% in the 2nd quarter. Ieq Capital LLC now owns 50,681 shares of the software company’s stock valued at $28,155,000 after purchasing an additional 2,575 shares during the period. Brighton Jones LLC boosted its holdings in Adobe by 1.8% during the second quarter. Brighton Jones LLC now owns 8,126 shares of the software company’s stock worth $4,514,000 after buying an additional 142 shares in the last quarter. Intech Investment Management LLC grew its position in Adobe by 20.1% during the second quarter. Intech Investment Management LLC now owns 41,818 shares of the software company’s stock valued at $23,232,000 after buying an additional 6,985 shares during the period. Finally, Resolute Capital Asset Partners LLC acquired a new position in shares of Adobe in the second quarter worth about $3,055,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on 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 directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,759 shares of company stock worth $18,205,903. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 0.8 %

Shares of NASDAQ ADBE opened at $522.30 on Friday. The company has a market capitalization of $231.59 billion, a P/E ratio of 46.93, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company has a 50 day simple moving average of $549.18 and a 200-day simple moving average of $518.73. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the firm earned $3.26 earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ADBE. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research note on Monday, June 10th. Melius Research reaffirmed a “hold” rating and set a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, BMO Capital Markets increased their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.