Connor Clark & Lunn Investment Management Ltd. Sells 11,076 Shares of Adobe Inc. (NASDAQ:ADBE)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 59.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,491 shares of the software company’s stock after selling 11,076 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Adobe were worth $3,879,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Piscataqua Savings Bank grew its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe in the 3rd quarter worth approximately $30,000. Summit Securities Group LLC purchased a new position in shares of Adobe in the 2nd quarter worth approximately $33,000. Lynx Investment Advisory purchased a new stake in Adobe during the second quarter valued at approximately $39,000. Finally, Briaud Financial Planning Inc acquired a new stake in Adobe in the third quarter valued at approximately $36,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 1.5 %

ADBE stock opened at $512.15 on Friday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. 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’s fifty day moving average is $503.13 and its 200 day moving average is $519.03. The firm has a market cap of $225.45 billion, a PE ratio of 43.26, a P/E/G ratio of 2.60 and a beta of 1.30.

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

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s 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 in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Stifel Nicolaus increased their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Citigroup boosted their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Sanford C. Bernstein cut their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Two 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 target price of $606.40.

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.