Northwest & Ethical Investments L.P. Sells 4,035 Shares of Adobe Inc. (NASDAQ:ADBE)

Northwest & Ethical Investments L.P. cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.5% during the 4th quarter, Holdings Channel reports. The firm owned 43,485 shares of the software company’s stock after selling 4,035 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Adobe were worth $19,337,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB grew its holdings in shares of Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after acquiring an additional 33,414 shares in the last quarter. Arizona State Retirement System boosted its position in Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after purchasing an additional 570 shares during the last quarter. Public Sector Pension Investment Board grew its stake in Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after purchasing an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares during the last quarter. Finally, Morse Asset Management Inc increased its position in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Jefferies Financial Group lowered their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Morgan Stanley lowered their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Bank of America decreased their target price on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Finally, Stifel Nicolaus dropped their price target on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $538.80.

Insider Buying and Selling

In related news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by company insiders.

Adobe Stock Down 0.9 %

ADBE stock opened at $387.89 on Thursday. The company has a market capitalization of $168.89 billion, a price-to-earnings ratio of 31.28, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The business’s 50 day moving average price is $435.13 and its two-hundred day moving average price is $478.38. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the company posted $4.48 earnings per share. As a group, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.