Adobe Inc. (NASDAQ:ADBE) Stake Boosted by Cibc World Market Inc.

Cibc World Market Inc. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 31.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 59,877 shares of the software company's stock after purchasing an additional 14,429 shares during the period. Cibc World Market Inc.'s holdings in Adobe were worth $26,626,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC boosted its stake in Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company's stock worth $272,000 after purchasing an additional 20 shares in the last quarter. Connable Office Inc. lifted its stake in shares of Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company's stock worth $1,932,000 after buying an additional 20 shares during the period. 1ST Source Bank grew its holdings in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company's stock valued at $1,496,000 after buying an additional 20 shares during the last quarter. James J. Burns & Company LLC grew its holdings in shares of Adobe by 5.6% during the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company's stock valued at $215,000 after buying an additional 22 shares during the last quarter. Finally, Holistic Financial Partners increased its position in shares of Adobe by 6.0% in the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company's stock valued at $200,000 after acquiring an additional 22 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $0.76 during trading on Tuesday, hitting $439.36. 1,346,004 shares of the company were exchanged, compared to its average volume of 3,850,260. The firm's fifty day moving average price is $460.36 and its 200 day moving average price is $502.16. The company has a market cap of $191.25 billion, a price-to-earnings ratio of 35.44, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $634.59. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the previous year, the firm posted $3.52 EPS. Adobe's revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the business's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 over the last quarter. Company insiders own 0.15% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Royal Bank of Canada reduced their price objective on Adobe from $610.00 to $590.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. JMP Securities restated a "market perform" rating on shares of Adobe in a research note on Thursday, December 12th. Bank of America dropped their price objective on shares of Adobe from $640.00 to $605.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, BMO Capital Markets cut their price target on Adobe from $600.00 to $570.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $573.00.

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.