Intact Investment Management Inc. Sells 350 Shares of Adobe Inc. (NASDAQ:ADBE)

Intact Investment Management Inc. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 15.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,850 shares of the software company’s stock after selling 350 shares during the quarter. Intact Investment Management Inc.’s holdings in Adobe were worth $1,104,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of ADBE. Concentrum Wealth Management raised its position in Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Adobe in the 4th quarter valued at $875,592,000. Invesco Ltd. increased its stake in shares of Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after buying an additional 889,607 shares during the period. Jennison Associates LLC increased its stake in shares of Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after buying an additional 498,957 shares during the period. Finally, Alkeon Capital Management LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at $152,970,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded up $4.12 during trading on Friday, reaching $477.56. 2,460,261 shares of the company’s stock were exchanged, compared to its average volume of 2,815,745. The business has a 50 day moving average price of $515.34 and a 200-day moving average price of $564.55. The stock has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a PEG ratio of 2.59 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the business earned $2.97 earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. Sell-side analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has authorized a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold 293 shares of company stock valued at $137,656 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on ADBE. HSBC lowered their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. KeyCorp assumed coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, Barclays decreased their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $620.72.

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.