CIBC Private Wealth Group LLC Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

CIBC Private Wealth Group LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 900,294 shares of the software company’s stock after selling 17,122 shares during the quarter. Adobe comprises approximately 0.7% of CIBC Private Wealth Group LLC’s portfolio, making the stock its 29th biggest position. CIBC Private Wealth Group LLC owned 0.21% of Adobe worth $377,746,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. IPG Investment Advisors LLC bought a new stake in Adobe during the fourth quarter worth about $222,000. California Public Employees Retirement System lifted its holdings in shares of Adobe by 2.8% during the fourth quarter. California Public Employees Retirement System now owns 986,587 shares of the software company’s stock valued at $438,716,000 after purchasing an additional 26,429 shares during the last quarter. RWA Wealth Partners LLC boosted its position in shares of Adobe by 2.1% in the 4th quarter. RWA Wealth Partners LLC now owns 6,665 shares of the software company’s stock worth $2,964,000 after purchasing an additional 140 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe in the 4th quarter worth approximately $31,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after buying an additional 952,233 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 2.6 %

Shares of ADBE stock opened at $385.71 on Friday. The company has a market capitalization of $164.39 billion, a price-to-earnings ratio of 31.11, a PEG 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. The company’s fifty day moving average price is $431.81 and its 200-day moving average price is $469.69. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75.

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

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 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 corporate insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the company. BMO Capital Markets dropped their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Piper Sandler dropped their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, Oppenheimer reduced their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $533.85.

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.