Caisse DE Depot ET Placement DU Quebec Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 29.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 449,011 shares of the software company’s stock after acquiring an additional 101,996 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in Adobe were worth $199,666,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank purchased a new position in Adobe during the fourth quarter valued at $2,553,035,000. Proficio Capital Partners LLC grew its position in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Adobe by 225.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company’s stock worth $478,453,000 after acquiring an additional 745,827 shares during the last quarter. Finally, FIL Ltd increased its stake in Adobe by 130.9% during the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock worth $573,014,000 after acquiring an additional 730,520 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ:ADBE opened at $374.98 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a 50-day moving average of $388.06 and a two-hundred day moving average of $442.81. The stock has a market cap of $159.82 billion, a P/E ratio of 30.24, a PEG ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the company posted $4.48 earnings per share. On average, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 0.16% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ADBE. Bank of America lowered their price target on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Stifel Nicolaus cut their target price on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Jefferies Financial Group decreased their price target on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a report on Monday, March 31st. Finally, Morgan Stanley reduced their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $502.88.

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.