Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp Lowers Holdings in Adobe Inc (ADBE)
Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lowered its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 47.8% in the 4th quarter, Holdings Channel reports. The firm owned 33,400 shares of the software company’s stock after selling 30,600 shares during the quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp’s holdings in Adobe were worth $7,556,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in ADBE. Partner Fund Management L.P. purchased a new position in Adobe in the 4th quarter worth about $242,000. Green Square Capital LLC increased its stake in Adobe by 6.7% in the 4th quarter. Green Square Capital LLC now owns 3,200 shares of the software company’s stock worth $724,000 after buying an additional 200 shares during the period. Northern Oak Wealth Management Inc. purchased a new position in Adobe during the 4th quarter valued at about $45,000. GYL Financial Synergies LLC purchased a new position in Adobe during the 4th quarter valued at about $549,000. Finally, Arete Wealth Advisors LLC increased its position in Adobe by 308.8% during the 4th quarter. Arete Wealth Advisors LLC now owns 4,693 shares of the software company’s stock valued at $1,062,000 after purchasing an additional 3,545 shares during the period. Institutional investors and hedge funds own 85.47% of the company’s stock.
A number of research analysts have commented on ADBE shares. Citigroup cut their target price on shares of Adobe from $309.00 to $300.00 and set a “buy” rating on the stock in a research report on Monday, December 10th. Zacks Investment Research downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research report on Monday, November 26th. DZ Bank raised shares of Adobe from a “hold” rating to a “buy” rating and set a $260.00 target price on the stock in a research report on Thursday, December 27th. Morgan Stanley reissued an “equal weight” rating and set a $255.00 target price on shares of Adobe in a research report on Friday, December 14th. Finally, KeyCorp cut their target price on shares of Adobe from $286.00 to $282.00 and set an “overweight” rating on the stock in a research report on Friday, December 14th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have given a buy rating to the company’s stock. Adobe currently has a consensus rating of “Buy” and an average price target of $285.56.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.25). Adobe had a return on equity of 30.60% and a net margin of 28.08%. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the previous year, the firm earned $1.55 EPS. The firm’s quarterly revenue was up 24.1% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc will post 6.24 earnings per share for the current fiscal year.
In other news, EVP Matthew Thompson sold 41,560 shares of Adobe stock in a transaction that occurred on Monday, January 28th. The shares were sold at an average price of $245.23, for a total value of $10,191,758.80. Following the transaction, the executive vice president now owns 63,087 shares of the company’s stock, valued at approximately $15,470,825.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Shantanu Narayen sold 139,834 shares of Adobe stock in a transaction that occurred on Friday, January 25th. The stock was sold at an average price of $245.40, for a total transaction of $34,315,263.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 285,607 shares of company stock worth $69,918,123. Insiders own 0.32% of the company’s stock.
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Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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