Cim Investment Management Inc. Sells 98 Shares of Adobe Inc. (NASDAQ:ADBE)

Cim Investment Management Inc. trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,869 shares of the software company’s stock after selling 98 shares during the period. Adobe comprises 0.5% of Cim Investment Management Inc.’s holdings, making the stock its 24th biggest holding. Cim Investment Management Inc.’s holdings in Adobe were worth $1,680,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Baldrige Asset Management LLC purchased a new stake in Adobe in the 2nd quarter valued at about $26,000. Key Financial Inc purchased a new stake in Adobe in the 2nd quarter valued at about $29,000. Harbour Investments Inc. purchased a new stake in Adobe in the 1st quarter valued at about $27,000. Atlantic Trust LLC purchased a new stake in Adobe in the 2nd quarter valued at about $34,000. Finally, Sound Income Strategies LLC lifted its position in shares of Adobe by 58.2% in the 2nd quarter. Sound Income Strategies LLC now owns 106 shares of the software company’s stock worth $62,000 after purchasing an additional 39 shares during the period. Institutional investors own 81.67% of the company’s stock.

In other news, EVP Dana Rao sold 488 shares of the firm’s stock in a transaction dated Tuesday, July 27th. The shares were sold at an average price of $621.71, for a total value of $303,394.48. Following the transaction, the executive vice president now directly owns 14,579 shares of the company’s stock, valued at $9,063,910.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Gloria Chen sold 43 shares of the firm’s stock in a transaction dated Friday, July 23rd. The stock was sold at an average price of $625.76, for a total transaction of $26,907.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,779 shares of company stock worth $27,799,424. Insiders own 0.23% of the company’s stock.

A number of research firms recently commented on ADBE. Cowen reissued a “buy” rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday, September 22nd. Citigroup increased their target price on shares of Adobe from $575.00 to $678.00 and gave the company a “neutral” rating in a research report on Wednesday, September 22nd. Piper Sandler increased their target price on shares of Adobe from $600.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday, September 22nd. Barclays increased their target price on shares of Adobe from $660.00 to $740.00 and gave the company an “overweight” rating in a research report on Thursday, September 16th. Finally, Guggenheim reissued a “hold” rating on shares of Adobe in a research report on Wednesday, September 22nd. Four investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $679.57.

NASDAQ ADBE traded up $16.46 during mid-day trading on Thursday, reaching $607.58. 82,744 shares of the stock were exchanged, compared to its average volume of 2,271,084. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market capitalization of $289.45 billion, a P/E ratio of 52.33, a P/E/G ratio of 3.42 and a beta of 0.97. Adobe Inc. has a 1 year low of $420.78 and a 1 year high of $673.88. The business’s 50 day moving average is $629.27 and its 200-day moving average is $570.55.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Monday, September 20th. The software company reported $3.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.01 by $0.10. The business had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.90 billion. Adobe had a net margin of 38.79% and a return on equity of 35.94%. The company’s revenue was up 22.0% compared to the same quarter last year. During the same period last year, the firm posted $2.12 earnings per share. Equities analysts predict that Adobe Inc. will post 10.28 earnings per share for the current fiscal year.

Adobe Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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