Sirios Capital Management L P Purchases 789 Shares of Adobe Inc. (NASDAQ:ADBE)

Sirios Capital Management L P increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 18,852 shares of the software company’s stock after purchasing an additional 789 shares during the period. Adobe accounts for approximately 1.5% of Sirios Capital Management L P’s holdings, making the stock its 23rd largest position. Sirios Capital Management L P’s holdings in Adobe were worth $8,383,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Decker Retirement Planning Inc. acquired a new position in shares of Adobe during the 4th quarter worth approximately $31,000. Summit Securities Group LLC bought a new position in Adobe during the fourth quarter worth $31,000. Caitlin John LLC increased its holdings in shares of Adobe by 171.4% in the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares during the last quarter. Avion Wealth raised its position in shares of Adobe by 112.2% in the fourth quarter. Avion Wealth now owns 87 shares of the software company’s stock valued at $38,000 after purchasing an additional 46 shares during the period. Finally, Mascoma Wealth Management LLC lifted its stake in shares of Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

Adobe Stock Performance

NASDAQ:ADBE opened at $349.91 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $149.13 billion, a PE ratio of 28.22, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The stock’s 50-day simple moving average is $398.97 and its 200 day simple moving average is $447.84.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the company posted $4.48 EPS. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Bank of America decreased their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Jefferies Financial Group lowered their target price on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. DA Davidson reduced their price target on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. lowered their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $506.73.

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.