Addenda Capital Inc. Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

Addenda Capital Inc. lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 28,227 shares of the software company’s stock after purchasing an additional 1,970 shares during the quarter. Addenda Capital Inc.’s holdings in Adobe were worth $12,552,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. CMH Wealth Management LLC increased its holdings in Adobe by 35.8% during the 4th quarter. CMH Wealth Management LLC now owns 17,756 shares of the software company’s stock worth $7,896,000 after acquiring an additional 4,678 shares during the period. Ulland Investment Advisors LLC boosted its holdings in Adobe by 576.0% in the 4th quarter. Ulland Investment Advisors LLC now owns 338 shares of the software company’s stock valued at $150,000 after purchasing an additional 288 shares during the period. Sky Investment Group LLC grew its position in shares of Adobe by 30.8% during the 4th quarter. Sky Investment Group LLC now owns 5,086 shares of the software company’s stock valued at $2,262,000 after purchasing an additional 1,197 shares in the last quarter. Cove Private Wealth LLC increased its holdings in shares of Adobe by 38.5% in the fourth quarter. Cove Private Wealth LLC now owns 3,165 shares of the software company’s stock worth $1,407,000 after purchasing an additional 880 shares during the period. Finally, Zhang Financial LLC raised its position in shares of Adobe by 17.0% in the fourth quarter. Zhang Financial LLC now owns 3,443 shares of the software company’s stock worth $1,531,000 after buying an additional 501 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, 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 value of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock worth $893,665 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on ADBE shares. Citigroup reduced their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. DA Davidson cut their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report 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 on the stock in a research report on Wednesday, January 15th. Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, BMO Capital Markets decreased their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Price Performance

Shares of Adobe stock opened at $429.99 on Tuesday. The firm 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. The company’s fifty day simple moving average is $476.55 and its two-hundred day simple moving average is $512.03. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the business earned $3.52 EPS. Adobe’s revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS 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.