Adobe Inc. (NASDAQ:ADBE) Shares Sold by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 51.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 106,289 shares of the software company’s stock after selling 111,872 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Adobe were worth $55,034,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of ADBE. International Assets Investment Management LLC increased its stake in Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the last quarter. Longview Partners Guernsey LTD acquired a new stake in Adobe during the second quarter worth about $663,745,000. FMR LLC increased its stake in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Liberty Wealth Management LLC increased its stake in Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after acquiring an additional 571,615 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its stake in Adobe by 982.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after acquiring an additional 491,627 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ADBE. Bank of America restated a “buy” rating and set a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Finally, Stifel Nicolaus increased their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Down 2.2 %

Shares of Adobe stock opened at $513.68 on Thursday. Adobe Inc. has a twelve month low of $433.97 and a twelve month 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 stock has a market capitalization of $226.12 billion, a price-to-earnings ratio of 43.39, a PEG ratio of 2.67 and a beta of 1.30. The business’s 50 day simple moving average is $503.39 and its 200-day simple moving average is $519.76.

Adobe (NASDAQ:ADBE) last posted its 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. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the firm earned $3.26 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 676 shares of Adobe 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 approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 in the last three months. 0.15% of the stock is owned by company 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.