CIBC Private Wealth Group LLC Reduces Position in Adobe Inc. (NASDAQ:ADBE)

CIBC Private Wealth Group LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 900,294 shares of the software company's stock after selling 17,122 shares during the period. Adobe makes up about 0.7% of CIBC Private Wealth Group LLC's portfolio, making the stock its 29th largest holding. CIBC Private Wealth Group LLC owned 0.21% of Adobe worth $377,746,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. United Bank raised its stake in shares of Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company's stock worth $1,344,000 after buying an additional 428 shares during the period. Circle Wealth Management LLC raised its position in Adobe by 110.0% during the third quarter. Circle Wealth Management LLC now owns 4,346 shares of the software company's stock worth $2,250,000 after acquiring an additional 2,276 shares during the period. JAT Capital Mgmt LP purchased a new position in Adobe during the third quarter valued at $2,178,000. Ironwood Investment Counsel LLC grew its position in shares of Adobe by 0.8% in the third quarter. Ironwood Investment Counsel LLC now owns 12,401 shares of the software company's stock valued at $6,421,000 after purchasing an additional 100 shares during the period. Finally, Edgestream Partners L.P. purchased a new stake in shares of Adobe during the third quarter worth about $719,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 0.9 %

Adobe stock traded up $3.43 during trading on Wednesday, hitting $386.63. The company had a trading volume of 1,347,348 shares, compared to its average volume of 3,322,007. The stock has a market cap of $164.78 billion, a price-to-earnings ratio of 31.18, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $374.50 and a 1-year high of $587.75. The company's 50 day simple moving average is $429.81 and its 200-day simple moving average is $466.40.

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Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $5.66 billion. During the same period in the previous year, the firm posted $4.48 earnings per share. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADBE. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $530.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Evercore ISI lowered their price target on Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. TD Cowen downgraded Adobe from a "buy" rating to a "hold" rating and reduced their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. UBS Group set a $495.00 target price on shares of Adobe in a research note on Thursday, March 13th. Finally, Citigroup reduced their target price on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $531.54.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the company's stock in a transaction on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last three months. Company insiders own 0.16% of the company's stock.

Adobe Company 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.