Adobe Inc. (NASDAQ:ADBE) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lowered its position in Adobe Inc. (NASDAQ:ADBE) by 59.7% in the third quarter, HoldingsChannel reports. The firm owned 7,491 shares of the software company’s stock after selling 11,076 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Adobe were worth $3,879,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Onyx Bridge Wealth Group LLC increased its holdings in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after buying an additional 19 shares during the last quarter. HTLF Bank raised its position in Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares during the period. Commonwealth Financial Services LLC lifted its stake in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after purchasing an additional 19 shares during the last quarter. Orrstown Financial Services Inc. grew its holdings in shares of Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares during the period. Finally, Orser Capital Management LLC grew its holdings in shares of Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after purchasing an additional 20 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $512.15 on Friday. The stock’s 50-day simple moving average is $503.13 and its 200-day simple moving average is $519.03. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $225.45 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.26 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent analyst reports. Citigroup upped their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Barclays increased their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. UBS Group cut their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Sanford C. Bernstein lowered their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Finally, Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last three months. 0.15% of the stock is currently owned by company insiders.

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.