Intact Investment Management Inc. Has $1.37 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Intact Investment Management Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 9.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,470 shares of the software company’s stock after buying an additional 220 shares during the period. Intact Investment Management Inc.’s holdings in Adobe were worth $1,372,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sound View Wealth Advisors Group LLC boosted its stake in Adobe by 2.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock valued at $415,000 after purchasing an additional 17 shares during the last quarter. Wade G W & Inc. lifted its holdings in shares of Adobe by 0.5% in the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock valued at $2,215,000 after purchasing an additional 18 shares in the last quarter. Invst LLC boosted its position in shares of Adobe by 2.1% during the fourth quarter. Invst LLC now owns 934 shares of the software company’s stock valued at $567,000 after buying an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC grew its holdings in Adobe by 3.9% during the second 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 in the last quarter. Finally, HTLF Bank raised its position in Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 19 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,523 shares of company stock worth $14,994,277. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE traded up $4.78 during midday trading on Friday, hitting $574.41. 1,982,970 shares of the company traded hands, compared to its average volume of 3,201,657. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a market cap of $254.69 billion, a P/E ratio of 51.61, a PEG ratio of 2.85 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a 50-day moving average of $550.32 and a 200-day moving average of $519.64.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business 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 firm posted $3.04 EPS. Adobe’s revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on ADBE. Melius Research reaffirmed a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Evercore ISI reissued an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Wells Fargo & Company upped their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 price target on shares of Adobe in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $601.38.

Adobe Company 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.