Alberta Investment Management Corp Has $5.75 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Alberta Investment Management Corp reduced its holdings in Adobe Inc. by 83.2% in the first quarter, leaving it with 14,995 shares valued at approximately $5.75 million.
• Institutional ownership of Adobe stands at 81.79%, with several other large investors significantly increasing their stakes, including GAMMA Investing LLC, which boosted its position by over 46,000%.
• Adobe's recent quarterly earnings report surpassed expectations, with an earnings per share of $5.06, leading analysts to forecast a 16.65 EPS for the current fiscal year.

Alberta Investment Management Corp cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 83.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,995 shares of the software company's stock after selling 74,290 shares during the period. Alberta Investment Management Corp's holdings in Adobe were worth $5,751,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of ADBE. GAMMA Investing LLC increased its stake in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after buying an additional 2,984,391 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares during the last quarter. Two Sigma Advisers LP increased its position in Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Adobe during the 4th quarter worth about $365,750,000. Finally, Bank of New York Mellon Corp lifted its position in Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after purchasing an additional 821,293 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

NASDAQ:ADBE opened at $347.80 on Friday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a market cap of $147.54 billion, a P/E ratio of 22.25, a P/E/G ratio of 1.70 and a beta of 1.52. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock's 50-day simple moving average is $385.72 and its 200 day simple moving average is $399.07.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the company earned $4.48 earnings per share. The business's revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADBE. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and lowered their price target for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Robert W. Baird lifted their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Citigroup cut their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Piper Sandler decreased their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $473.88.

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.

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