Alberta Investment Management Corp Purchases 79,584 Shares of Adobe Inc. (NASDAQ:ADBE)

Alberta Investment Management Corp increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 820.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 89,285 shares of the software company’s stock after buying an additional 79,584 shares during the quarter. Alberta Investment Management Corp’s holdings in Adobe were worth $39,703,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ADBE. International Assets Investment Management LLC grew its position in Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares in the last quarter. FMR LLC boosted its holdings in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after purchasing an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd acquired a new stake in shares of Adobe in the 4th quarter valued at $110,744,000. Finally, Erste Asset Management GmbH acquired a new stake in shares of Adobe in the 3rd quarter valued at $126,703,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the company’s 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 completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ADBE. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company cut their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Citigroup cut their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Finally, BMO Capital Markets lowered their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Trading Up 0.9 %

Shares of ADBE stock opened at $464.11 on Wednesday. The company’s fifty day simple moving average is $443.14 and its two-hundred day simple moving average is $495.16. 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 $403.75 and a 1 year high of $587.75. The stock has a market capitalization of $202.03 billion, a price-to-earnings ratio of 37.43, a PEG ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.52 EPS. As a group, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

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.