Picton Mahoney Asset Management Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Picton Mahoney Asset Management raised its position in Adobe Inc. (NASDAQ:ADBE) by 19.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,412 shares of the software company’s stock after buying an additional 3,095 shares during the quarter. Picton Mahoney Asset Management’s holdings in Adobe were worth $11,582,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Pinnacle West Asset Management Inc. increased its holdings in shares of Adobe by 8.3% in the third quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock worth $602,000 after purchasing an additional 90 shares during the period. BluePath Capital Management LLC bought a new position in shares of Adobe in the 3rd quarter worth $39,000. Mackenzie Financial Corp raised its position in shares of Adobe by 9.7% during the 3rd quarter. Mackenzie Financial Corp now owns 88,800 shares of the software company’s stock valued at $45,024,000 after buying an additional 7,848 shares in the last quarter. Farmers & Merchants Investments Inc. raised its position in shares of Adobe by 5.8% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 384 shares of the software company’s stock valued at $196,000 after buying an additional 21 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Adobe by 15.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 586,363 shares of the software company’s stock worth $298,986,000 after acquiring an additional 77,277 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 over the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Adobe Price Performance

ADBE traded down $1.32 during midday trading on Tuesday, hitting $492.27. 2,517,845 shares of the company traded hands, compared to its average volume of 3,431,529. The business has a 50 day simple moving average of $505.80 and a two-hundred day simple moving average of $561.00. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company has a market capitalization of $220.54 billion, a price-to-earnings ratio of 47.06, a PEG ratio of 2.63 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company posted $2.97 EPS. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have issued reports on ADBE. TD Cowen dropped their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Mizuho reaffirmed a “buy” rating and issued a $680.00 target price on shares of Adobe in a research note on Wednesday, March 27th. HSBC decreased their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Robert W. Baird cut their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $620.72.

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.