Mawer Investment Management Ltd. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 29.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 49,874 shares of the software company’s stock after purchasing an additional 11,275 shares during the quarter. Mawer Investment Management Ltd.’s holdings in Adobe were worth $24,943,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Carmichael Hill & Associates Inc. acquired a new position in Adobe during the fourth quarter worth $25,000. Roble Belko & Company Inc lifted its stake in shares of Adobe by 216.7% during the third quarter. Roble Belko & Company Inc now owns 57 shares of the software company’s stock worth $28,000 after purchasing an additional 39 shares in the last quarter. Horan Capital Advisors LLC. acquired a new position in shares of Adobe during the third quarter worth about $32,000. Cordasco Financial Network lifted its stake in shares of Adobe by 54.3% during the fourth quarter. Cordasco Financial Network now owns 71 shares of the software company’s stock worth $36,000 after purchasing an additional 25 shares in the last quarter. Finally, Magellan Asset Management Ltd acquired a new position in shares of Adobe during the third quarter worth about $39,000. 82.43% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:ADBE traded down $5.44 on Tuesday, reaching $461.89. 102,569 shares of the company traded hands, compared to its average volume of 2,585,729. Adobe Inc. has a fifty-two week low of $255.13 and a fifty-two week high of $536.88. The company’s 50 day moving average is $478.42 and its 200-day moving average is $481.07. The stock has a market capitalization of $221.58 billion, a PE ratio of 43.11, a P/E/G ratio of 2.55 and a beta of 0.97. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.48 and a quick ratio of 1.44.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 9th. The software company reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.66 by $0.15. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.36 billion. During the same quarter in the prior year, the firm earned $2.29 EPS. The company’s quarterly revenue was up 14.4% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 9.47 EPS for the current year.
Adobe declared that its board has approved a stock buyback program on Thursday, December 10th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the software company to repurchase up to 6.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of brokerages have commented on ADBE. Royal Bank of Canada boosted their price objective on Adobe from $570.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday, December 11th. Barclays restated a “buy” rating and set a $605.00 price objective on shares of Adobe in a research note on Sunday, December 13th. Credit Suisse Group boosted their price objective on Adobe from $560.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday, December 11th. Stifel Nicolaus assumed coverage on Adobe in a research note on Friday, January 15th. They issued a “buy” rating on the stock. Finally, The Goldman Sachs Group assumed coverage on Adobe in a research note on Thursday, January 21st. They issued a “buy” rating and a $580.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. Adobe presently has an average rating of “Buy” and a consensus target price of $527.42.
In other news, EVP Scott Belsky sold 600 shares of the stock in a transaction on Tuesday, December 15th. The stock was sold at an average price of $489.38, for a total value of $293,628.00. Following the completion of the sale, the executive vice president now owns 16,067 shares in the company, valued at $7,862,868.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Abhay Parasnis sold 4,000 shares of the stock in a transaction on Wednesday, February 10th. The shares were sold at an average price of $499.17, for a total value of $1,996,680.00. Following the completion of the sale, the executive vice president now owns 43,746 shares of the company’s stock, valued at approximately $21,836,690.82. The disclosure for this sale can be found here. Insiders have sold a total of 114,063 shares of company stock valued at $53,715,598 in the last quarter. Insiders own 0.31% of the company’s stock.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
See Also: Oversold
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.