BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Grows Stock Position in Adobe Inc. (NASDAQ:ADBE)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 13.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,294 shares of the software company's stock after purchasing an additional 10,308 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Adobe were worth $37,484,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Siemens Fonds Invest GmbH grew its holdings in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe in the 4th quarter valued at about $31,000. Caitlin John LLC grew its stake in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after acquiring an additional 48 shares in the last quarter. Avion Wealth grew its stake in shares of Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after acquiring an additional 46 shares in the last quarter. Finally, Mascoma Wealth Management LLC increased its position in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after acquiring an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of analyst reports. Redburn Atlantic assumed coverage on Adobe in a report on Wednesday, February 19th. They issued a "neutral" rating for the company. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. Mizuho cut their price target on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $502.88.

Adobe Price Performance

Shares of ADBE opened at $417.61 on Wednesday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a fifty day moving average price of $376.12 and a 200 day moving average price of $433.08. The company has a market cap of $177.99 billion, a P/E ratio of 33.68, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the company posted $4.48 earnings per share. On average, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

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.

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