Investment Management Corp of Ontario Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Investment Management Corp of Ontario trimmed its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,598 shares of the software company's stock after selling 9,274 shares during the period. Adobe accounts for 0.6% of Investment Management Corp of Ontario's portfolio, making the stock its 26th biggest position. Investment Management Corp of Ontario's holdings in Adobe were worth $17,608,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Investor s Fiduciary Advisor Network LLC bought a new stake in Adobe during the 4th quarter valued at about $725,000. Junto Capital Management LP purchased a new stake in shares of Adobe during the fourth quarter valued at approximately $35,722,000. Guardian Wealth Advisors LLC NC increased its position in shares of Adobe by 4.8% during the fourth quarter. Guardian Wealth Advisors LLC NC now owns 1,671 shares of the software company's stock valued at $743,000 after acquiring an additional 76 shares in the last quarter. Grace & Mercy Foundation Inc. raised its holdings in Adobe by 13.2% in the 4th quarter. Grace & Mercy Foundation Inc. now owns 116,120 shares of the software company's stock worth $51,636,000 after acquiring an additional 13,520 shares during the last quarter. Finally, Focus Partners Wealth boosted its stake in Adobe by 106.2% during the 4th quarter. Focus Partners Wealth now owns 78,731 shares of the software company's stock valued at $35,831,000 after purchasing an additional 40,548 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Adobe stock opened at $383.28 on Friday. The firm's fifty day moving average is $379.67 and its 200 day moving average is $436.75. 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 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $163.35 billion, a price-to-earnings ratio of 30.91, a PEG ratio of 2.15 and a beta of 1.55.

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

Insider Activity

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. UBS Group lowered their price target on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Stifel Nicolaus dropped their price target on shares of Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. DA Davidson lowered their price objective on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Evercore ISI cut their target price on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

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.

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