Fiera Capital Corp Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Fiera Capital Corp lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 14.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 408,988 shares of the software company’s stock after selling 69,295 shares during the period. Fiera Capital Corp’s holdings in Adobe were worth $227,209,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ADBE. Steph & Co. raised its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after purchasing an additional 398 shares during the period. Choreo LLC lifted its holdings in Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares in the last quarter. Fairscale Capital LLC purchased a new stake in shares of Adobe in the second quarter valued at approximately $1,318,000. Finally, Daymark Wealth Partners LLC grew its stake in Adobe by 89.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after purchasing an additional 4,315 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ADBE. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. KeyCorp raised their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. UBS Group lowered their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Two 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.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

Adobe stock opened at $515.48 on Monday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The firm has a market capitalization of $228.56 billion, a price-to-earnings ratio of 46.31, a PEG ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $545.13 and a 200-day simple moving average of $516.82.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the company earned $3.26 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts anticipate that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The sale was disclosed in a legal filing 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 on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock worth $17,642,653 over the last ninety days. Company 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.