Addenda Capital Inc. Purchases 1,970 Shares of Adobe Inc. (NASDAQ:ADBE)

Addenda Capital Inc. raised its position in Adobe Inc. (NASDAQ:ADBE) by 7.5% during the fourth quarter, Holdings Channel reports. The fund owned 28,227 shares of the software company’s stock after acquiring an additional 1,970 shares during the period. Addenda Capital Inc.’s holdings in Adobe were worth $12,552,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. Westwood Holdings Group Inc. increased its stake in shares of Adobe by 26.5% in the 2nd quarter. Westwood Holdings Group Inc. now owns 9,287 shares of the software company’s stock worth $5,159,000 after purchasing an additional 1,948 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Adobe by 333.4% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock valued at $3,947,000 after purchasing an additional 5,465 shares during the period. Commonwealth Financial Services LLC increased its position in Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares in the last quarter. HighVista Strategies LLC bought a new position in shares of Adobe in the second quarter worth about $1,722,000. Finally, Harmony Asset Management LLC lifted its position in shares of Adobe by 1.6% during the 2nd quarter. Harmony Asset Management LLC now owns 6,548 shares of the software company’s stock valued at $3,638,000 after buying an additional 100 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ADBE shares. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Monday. Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Jefferies Financial Group cut their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company lowered their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Up 0.7 %

ADBE opened at $429.99 on Tuesday. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. The company has a market capitalization of $189.28 billion, a P/E ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31. The stock’s fifty day moving average is $476.55 and its two-hundred day moving average is $512.03. The company has a quick ratio of 1.11, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 earnings per share. Analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

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.