Adobe Inc. (NASDAQ:ADBE) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Adobe Inc. by 56.8%, now owning 48,035 shares valued at approximately $18.4 million.
• Despite some institutional sell-offs, several firms, including Goldman Sachs and Vanguard Group, increased their investment in Adobe, indicating ongoing institutional interest.
• Adobe reported better-than-expected quarterly earnings, with an EPS of $5.06 and revenue of $5.87 billion, surpassing analyst estimates.

Connor Clark & Lunn Investment Management Ltd. lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 56.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 48,035 shares of the software company's stock after selling 63,234 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Adobe were worth $18,423,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ADBE. Garde Capital Inc. purchased a new position in Adobe in the first quarter valued at about $34,000. PFG Advisors increased its holdings in Adobe by 20.8% in the first quarter. PFG Advisors now owns 4,964 shares of the software company's stock valued at $1,904,000 after buying an additional 855 shares in the last quarter. Krane Funds Advisors LLC increased its holdings in Adobe by 110.4% in the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after buying an additional 730 shares in the last quarter. Burling Wealth Partners LLC purchased a new position in Adobe in the fourth quarter valued at about $1,173,000. Finally, Financial Counselors Inc. increased its holdings in Adobe by 9.2% in the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after buying an additional 5,298 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Down 2.2%

Shares of ADBE traded down $7.40 during midday trading on Monday, hitting $333.65. The company had a trading volume of 4,360,234 shares, compared to its average volume of 3,799,113. The company's 50 day moving average price is $378.55 and its 200 day moving average price is $395.47. The stock has a market cap of $141.53 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 1.62 and a beta of 1.51. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the previous year, the firm earned $4.48 EPS. The company's revenue was up 10.6% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research report on Wednesday, July 2nd. Stifel Nicolaus lowered their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Bank of America increased their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Robert W. Baird boosted their price objective on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Finally, Evercore ISI reiterated an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $467.58.

Adobe 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.