Canoe Financial LP Purchases 400 Shares of Adobe Inc. (NASDAQ:ADBE)

Canoe Financial LP increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% during the fourth quarter, HoldingsChannel reports. The fund owned 23,606 shares of the software company’s stock after buying an additional 400 shares during the quarter. Canoe Financial LP’s holdings in Adobe were worth $10,497,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dakota Community Bank & Trust NA boosted its position in Adobe by 18.1% during the 4th quarter. Dakota Community Bank & Trust NA now owns 228 shares of the software company’s stock worth $101,000 after buying an additional 35 shares during the period. Brooklyn Investment Group lifted its holdings in shares of Adobe by 2.2% during the fourth quarter. Brooklyn Investment Group now owns 3,394 shares of the software company’s stock worth $1,509,000 after purchasing an additional 73 shares during the period. Somerset Trust Co grew its stake in shares of Adobe by 14.9% in the fourth quarter. Somerset Trust Co now owns 1,157 shares of the software company’s stock worth $514,000 after purchasing an additional 150 shares during the last quarter. Merit Financial Group LLC increased its holdings in Adobe by 53.2% in the fourth quarter. Merit Financial Group LLC now owns 9,763 shares of the software company’s stock valued at $4,341,000 after purchasing an additional 3,389 shares during the period. Finally, Butensky & Cohen Financial Security Inc. bought a new position in Adobe during the 4th quarter worth $4,601,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ADBE shares. DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research report on Wednesday. Sanford C. Bernstein lowered their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Royal Bank of Canada reduced their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Performance

Shares of Adobe stock opened at $429.99 on Friday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average price of $477.84 and a 200-day moving average price of $513.73. The company has a market cap of $189.28 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the business earned $3.52 EPS. The business’s revenue was up 11.1% on a year-over-year basis. Equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is owned by 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.