Intact Investment Management Inc. Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Intact Investment Management Inc. decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.9% during the third quarter, according to its most recent filing with the SEC. The firm owned 2,350 shares of the software company’s stock after selling 120 shares during the period. Intact Investment Management Inc.’s holdings in Adobe were worth $1,217,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares during the last quarter. Anchor Investment Management LLC increased its stake in Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after buying an additional 1,430 shares in the last quarter. Fairscale Capital LLC purchased a new stake in Adobe in the 2nd quarter worth $1,318,000. Daymark Wealth Partners LLC increased its stake in Adobe by 89.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after buying an additional 4,315 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in shares of Adobe by 0.8% during the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after purchasing an additional 15,685 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 0.3 %

ADBE opened at $481.35 on Tuesday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm’s fifty day moving average price is $520.61 and its two-hundred day moving average price is $516.26. The company has a market capitalization of $211.89 billion, a P/E ratio of 40.65, a P/E/G ratio of 2.46 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $3.26 EPS. On average, analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of analyst reports. Sanford C. Bernstein lowered their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last quarter. 0.15% of the stock is currently owned by insiders.

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.