AGF Investments LLC Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

AGF Investments LLC trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 14.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,506 shares of the software company’s stock after selling 260 shares during the period. AGF Investments LLC’s holdings in Adobe were worth $867,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. BlackRock Inc. grew its stake in Adobe by 2.1% during the third quarter. BlackRock Inc. now owns 36,314,478 shares of the software company’s stock valued at $20,906,971,000 after acquiring an additional 762,224 shares in the last quarter. FMR LLC lifted its position in Adobe by 0.7% during the second quarter. FMR LLC now owns 23,568,183 shares of the software company’s stock valued at $13,802,471,000 after purchasing an additional 165,449 shares during the last quarter. State Street Corp lifted its position in Adobe by 0.6% during the second quarter. State Street Corp now owns 18,951,950 shares of the software company’s stock valued at $11,099,020,000 after purchasing an additional 111,828 shares during the last quarter. Geode Capital Management LLC lifted its position in Adobe by 2.5% during the second quarter. Geode Capital Management LLC now owns 8,253,684 shares of the software company’s stock valued at $4,820,799,000 after purchasing an additional 202,966 shares during the last quarter. Finally, Morgan Stanley lifted its position in Adobe by 4.0% during the second quarter. Morgan Stanley now owns 7,026,969 shares of the software company’s stock valued at $4,115,275,000 after purchasing an additional 267,038 shares during the last quarter. 81.49% of the stock is owned by institutional investors.

ADBE has been the subject of several research reports. The Goldman Sachs Group reiterated a “buy” rating and set a $765.00 price objective on shares of Adobe in a research report on Tuesday, October 19th. Bank of America lowered their price objective on shares of Adobe from $720.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, December 17th. Jefferies Financial Group lowered their target price on shares of Adobe from $760.00 to $680.00 and set a “buy” rating for the company in a report on Friday, December 17th. Wells Fargo & Company lowered their target price on shares of Adobe from $770.00 to $725.00 and set an “overweight” rating for the company in a report on Friday, December 17th. Finally, UBS Group lowered shares of Adobe from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $635.00 to $575.00 in a report on Tuesday, January 4th. Seven research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $666.56.

NASDAQ ADBE opened at $520.60 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.39 and a current ratio of 1.25. The company has a market capitalization of $248.01 billion, a price-to-earnings ratio of 51.96, a price-to-earnings-growth ratio of 2.70 and a beta of 1.01. The company’s 50-day simple moving average is $609.39 and its two-hundred day simple moving average is $619.75. Adobe Inc. has a one year low of $420.78 and a one year high of $699.54.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, December 16th. The software company reported $3.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.20. Adobe had a net margin of 30.55% and a return on equity of 36.06%. The firm had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.09 billion. During the same quarter in the previous year, the firm earned $2.42 EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. Equities analysts expect that Adobe Inc. will post 11.09 earnings per share for the current fiscal year.

In related news, CAO Mark S. Garfield sold 474 shares of Adobe stock in a transaction that occurred on Monday, December 20th. The shares were sold at an average price of $545.61, for a total value of $258,619.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction that occurred on Monday, December 20th. The stock was sold at an average price of $545.61, for a total transaction of $1,500,427.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,379 shares of company stock worth $2,507,566. Insiders own 0.23% of the company’s stock.

About Adobe

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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