Ontario Teachers Pension Plan Board Buys New Stake in Adobe Inc. (NASDAQ:ADBE)

Ontario Teachers Pension Plan Board purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 867 shares of the software company’s stock, valued at approximately $386,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sepio Capital LP raised its holdings in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after purchasing an additional 22 shares during the period. Foster Group Inc. raised its stake in shares of Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after buying an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC grew its stake in Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after acquiring an additional 23 shares during the period. Veery Capital LLC increased its holdings in Adobe by 1.9% in the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock worth $585,000 after acquiring an additional 24 shares in the last quarter. Finally, Cornerstone Wealth Management LLC raised its position in Adobe by 1.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock worth $590,000 after acquiring an additional 24 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $348.80 on Friday. The stock has a market capitalization of $148.66 billion, a price-to-earnings ratio of 28.13, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50-day moving average of $405.74 and a 200 day moving average of $451.49. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm posted $4.48 earnings per share. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

ADBE has been the topic of several research analyst reports. BMO Capital Markets dropped their target price on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research report on Wednesday. DA Davidson cut their price objective on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday. Citigroup decreased their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Finally, StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $513.27.

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.