Mackenzie Financial Corp Purchases 451 Shares of Adobe Inc. (NASDAQ:ADBE)

Mackenzie Financial Corp increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 67,062 shares of the software company’s stock after acquiring an additional 451 shares during the period. Mackenzie Financial Corp’s holdings in Adobe were worth $37,256,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Dark Forest Capital Management LP bought a new stake in Adobe during the second quarter worth $686,000. Daymark Wealth Partners LLC raised its holdings in shares of Adobe by 89.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after buying an additional 4,315 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its position in shares of Adobe by 91.4% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 1,960 shares of the software company’s stock worth $1,089,000 after buying an additional 936 shares during the last quarter. Decatur Capital Management Inc. boosted its stake in Adobe by 2.5% in the second quarter. Decatur Capital Management Inc. now owns 5,575 shares of the software company’s stock valued at $3,097,000 after buying an additional 137 shares in the last quarter. Finally, Drucker Wealth 3.0 LLC acquired a new stake in Adobe in the second quarter valued at about $1,101,000. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. BMO Capital Markets increased their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Sanford C. Bernstein lowered their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, UBS Group dropped their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Up 0.0 %

Shares of Adobe stock opened at $515.48 on Friday. The firm has a market cap 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 stock’s 50-day moving average is $545.13 and its 200 day moving average is $517.22. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly 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. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.26 EPS. Equities research analysts anticipate that Adobe Inc. will post 14.79 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is currently owned by company insiders.

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.