Mackenzie Financial Corp Has $40.57 Million Position in Adobe Inc. (NASDAQ:ADBE)

Mackenzie Financial Corp lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 23.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 68,001 shares of the software company’s stock after selling 20,799 shares during the quarter. Mackenzie Financial Corp’s holdings in Adobe were worth $40,569,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of ADBE. State Street Corp lifted its stake in shares of Adobe by 1.5% during the first quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock valued at $7,180,322,000 after acquiring an additional 269,173 shares during the period. Morgan Stanley lifted its stake in shares of Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares during the period. Northern Trust Corp lifted its stake in shares of Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after acquiring an additional 202,136 shares during the period. Norges Bank acquired a new position in shares of Adobe during the fourth quarter valued at $1,757,029,000. Finally, Jennison Associates LLC lifted its stake in shares of Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $476.22 on Wednesday. The stock has a 50 day moving average price of $536.02 and a 200 day moving average price of $567.62. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $213.35 billion, a PE ratio of 45.53, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28.

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

Adobe declared that its board has approved a share buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. DA Davidson reissued a “buy” rating and issued a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. UBS Group cut their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, TD Cowen cut their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $620.72.

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.