Adobe Inc (ADBE) Position Lessened by Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp

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Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lowered its position in shares of Adobe Inc (NASDAQ:ADBE) by 8.6% in the third quarter, HoldingsChannel reports. The firm owned 64,000 shares of the software company’s stock after selling 6,000 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp’s holdings in Adobe were worth $17,277,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Capital Guardian Trust Co. acquired a new stake in shares of Adobe during the 3rd quarter worth about $102,000. Psagot Investment House Ltd. bought a new stake in Adobe during the 3rd quarter worth about $130,000. JNBA Financial Advisors grew its holdings in Adobe by 4,366.7% during the 3rd quarter. JNBA Financial Advisors now owns 536 shares of the software company’s stock worth $145,000 after acquiring an additional 524 shares during the last quarter. Capital Bank & Trust Co grew its holdings in Adobe by 92.8% during the 3rd quarter. Capital Bank & Trust Co now owns 563 shares of the software company’s stock worth $152,000 after acquiring an additional 271 shares during the last quarter. Finally, Centaurus Financial Inc. bought a new stake in Adobe during the 2nd quarter worth about $170,000. Institutional investors and hedge funds own 84.65% of the company’s stock.

In other news, EVP Bradley Rencher sold 12,000 shares of the firm’s stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $245.30, for a total value of $2,943,600.00. Following the transaction, the executive vice president now owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 2,955 shares of the firm’s stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $225.38, for a total transaction of $665,997.90. Following the completion of the transaction, the executive vice president now directly owns 52,692 shares in the company, valued at approximately $11,875,722.96. The disclosure for this sale can be found here. Insiders sold a total of 17,865 shares of company stock worth $4,369,719 in the last ninety days. Insiders own 0.33% of the company’s stock.

A number of equities research analysts have commented on the stock. Zacks Investment Research lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Tuesday. Rosenblatt Securities reissued a “buy” rating and set a $280.00 price objective on shares of Adobe in a report on Sunday. Nomura set a $315.00 price objective on shares of Adobe and gave the stock a “buy” rating in a report on Friday, December 14th. Pivotal Research reissued a “hold” rating and set a $252.00 price objective (down previously from $254.00) on shares of Adobe in a report on Friday, December 14th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $255.00 price objective on shares of Adobe in a report on Friday, December 14th. Ten investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $276.26.

Shares of NASDAQ ADBE opened at $226.18 on Wednesday. The stock has a market capitalization of $108.06 billion, a PE ratio of 40.75, a price-to-earnings-growth ratio of 2.13 and a beta of 1.14. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.66 and a current ratio of 1.13. Adobe Inc has a 1 year low of $172.92 and a 1 year high of $277.61.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, December 13th. The software company reported $1.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.88 by ($0.05). The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.43 billion. Adobe had a net margin of 28.69% and a return on equity of 31.19%. The firm’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period last year, the business posted $1.26 EPS. Analysts expect that Adobe Inc will post 6.34 EPS for the current year.

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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 customers to download and install the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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