iA Global Asset Management Inc. Trims Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

iA Global Asset Management Inc. trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 76.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,720 shares of the software company’s stock after selling 150,775 shares during the period. iA Global Asset Management Inc.’s holdings in Adobe were worth $23,673,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ADBE. Fermata Advisors LLC increased its position in Adobe by 9.4% during the second quarter. Fermata Advisors LLC now owns 782 shares of the software company’s stock worth $434,000 after purchasing an additional 67 shares during the last quarter. Sitrin Capital Management LLC lifted its holdings in shares of Adobe by 0.4% during the 2nd quarter. Sitrin Capital Management LLC now owns 10,614 shares of the software company’s stock valued at $5,897,000 after acquiring an additional 41 shares in the last quarter. Mechanics Bank Trust Department lifted its holdings in shares of Adobe by 60.6% during the 2nd quarter. Mechanics Bank Trust Department now owns 4,368 shares of the software company’s stock valued at $2,427,000 after acquiring an additional 1,649 shares in the last quarter. Spectrum Asset Management Inc. NB CA acquired a new stake in Adobe in the 2nd quarter valued at $306,000. Finally, Sunburst Financial Group LLC lifted its stake in shares of Adobe by 59.0% during the second quarter. Sunburst Financial Group LLC now owns 679 shares of the software company’s stock worth $377,000 after purchasing an additional 252 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. BMO Capital Markets raised their price target on shares of Adobe from $580.00 to $600.00 and gave the stock an “outperform” rating in a research report on Friday. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Thursday. Finally, UBS Group cut their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $602.08.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $552.96 on Friday. The firm has a market cap of $243.41 billion, a price-to-earnings ratio of 46.70, a P/E/G ratio of 2.35 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The business has a fifty day simple moving average of $503.45 and a 200 day simple moving average of $521.19.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The business 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 firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.26 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, 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. In the last 90 days, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

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.