Coronation Fund Managers Ltd. Grows Stock Position in Adobe Inc. (NASDAQ:ADBE)

Coronation Fund Managers Ltd. increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 124.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 4,551 shares of the software company’s stock after acquiring an additional 2,521 shares during the period. Coronation Fund Managers Ltd.’s holdings in Adobe were worth $2,528,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Adobe during the fourth quarter worth $3,277,785,000. Wellington Management Group LLP boosted its holdings in Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares during the period. Swedbank AB acquired a new position in Adobe in the 1st quarter valued at about $621,179,000. Price T Rowe Associates Inc. MD increased its stake in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP lifted its position in shares of Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after purchasing an additional 575,675 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 over the last quarter. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent research reports. Piper Sandler cut their target price on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Melius Research reiterated a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Barclays upped their price target on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Stifel Nicolaus reduced their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $0.70 during mid-day trading on Friday, hitting $553.46. 1,541,726 shares of the company were exchanged, compared to its average volume of 3,304,834. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market cap of $245.40 billion, a price-to-earnings ratio of 49.73, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $537.27 and a 200-day simple moving average of $523.66.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the prior year, the company posted $3.04 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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.