Adobe Inc. (NASDAQ:ADBE) Shares Sold by AGF Management Ltd.

AGF Management Ltd. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 60.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 899 shares of the software company’s stock after selling 1,399 shares during the period. AGF Management Ltd.’s holdings in Adobe were worth $400,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Swedbank AB grew its stake in shares of Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after buying an additional 3,739 shares during the period. United Bank grew its position in Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the period. MQS Management LLC acquired a new stake in Adobe during the third quarter worth $234,000. OneDigital Investment Advisors LLC increased its stake in Adobe by 1.8% during the third quarter. OneDigital Investment Advisors LLC now owns 6,002 shares of the software company’s stock worth $3,108,000 after acquiring an additional 104 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Adobe by 28.9% in the 3rd quarter. Empowered Funds LLC now owns 12,538 shares of the software company’s stock valued at $6,492,000 after purchasing an additional 2,811 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last three months. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Performance

NASDAQ:ADBE opened at $394.74 on Friday. The firm has a market cap of $171.87 billion, a price-to-earnings ratio of 31.83, a price-to-earnings-growth 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 Inc. has a 1-year low of $374.50 and a 1-year high of $587.75. The firm’s fifty day moving average price is $437.03 and its 200 day moving average price is $482.06.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the company posted $4.48 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ADBE. KeyCorp cut their price objective on Adobe from $450.00 to $390.00 and set an “underweight” rating for the company in a research report on Thursday. Wells Fargo & Company reduced their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Mizuho cut their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Robert W. Baird lowered their price target on Adobe from $500.00 to $490.00 and set a “neutral” rating for the company in a research report on Thursday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $540.60.

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.