Adobe Inc. (NASDAQ:ADBE) Shares Bought by iA Global Asset Management Inc.

iA Global Asset Management Inc. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 17.8% during the 2nd quarter, Holdings Channel.com reports. The fund owned 196,495 shares of the software company’s stock after buying an additional 29,649 shares during the period. Adobe accounts for approximately 1.2% of iA Global Asset Management Inc.’s portfolio, making the stock its 22nd largest position. iA Global Asset Management Inc.’s holdings in Adobe were worth $109,161,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Boston Financial Mangement LLC grew its stake in shares of Adobe by 0.6% during the 2nd quarter. Boston Financial Mangement LLC now owns 18,466 shares of the software company’s stock valued at $10,259,000 after buying an additional 118 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its holdings in Adobe by 6.2% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 3,668 shares of the software company’s stock valued at $2,038,000 after acquiring an additional 214 shares during the last quarter. Arjuna Capital grew its position in Adobe by 1.1% during the second quarter. Arjuna Capital now owns 4,383 shares of the software company’s stock valued at $2,435,000 after acquiring an additional 49 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Adobe by 11.1% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 975,161 shares of the software company’s stock worth $541,741,000 after acquiring an additional 97,398 shares during the last quarter. Finally, Modera Wealth Management LLC raised its holdings in shares of Adobe by 9.0% in the 2nd quarter. Modera Wealth Management LLC now owns 20,197 shares of the software company’s stock worth $11,220,000 after purchasing an additional 1,676 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE stock traded up $4.78 during trading on Friday, hitting $574.41. 1,982,224 shares of the company’s stock traded hands, compared to its average volume of 3,201,657. The stock has a fifty day moving average price of $549.50 and a two-hundred day moving average price of $519.90. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a market capitalization of $254.69 billion, a price-to-earnings ratio of 51.61, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the prior year, the business earned $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 target price on shares of Adobe in a report on Thursday, August 1st. Wells Fargo & Company increased their price objective on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Melius Research reissued a “hold” rating and issued a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. BMO Capital Markets upped their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Finally, Barclays increased their price target on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,523 shares of company stock valued at $14,994,277. Insiders own 0.15% of the company’s stock.

About Adobe

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.