Adobe Inc. (NASDAQ:ADBE) Position Lessened by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its holdings in Adobe Inc. by 3.1%, now owning 64,915 shares worth approximately $24.9 million.
• Adobe reported earnings of $5.06 per share for its latest quarter, exceeding expectations and demonstrating a year-over-year revenue growth of 10.6%.
• Analyst ratings for Adobe are mixed, with a consensus of "Moderate Buy" and a price target averaging $473.88, reflecting varying perspectives on the company's stock.

Mackenzie Financial Corp decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 64,915 shares of the software company's stock after selling 2,084 shares during the quarter. Mackenzie Financial Corp's holdings in Adobe were worth $24,897,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Geode Capital Management LLC raised its stake in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after acquiring an additional 151,286 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Adobe by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after purchasing an additional 821,293 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after buying an additional 600,146 shares during the period. Northern Trust Corp boosted its holdings in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC boosted its holdings in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Trading Down 2.8%

NASDAQ:ADBE traded down $9.89 on Friday, hitting $347.80. 4,305,938 shares of the stock were exchanged, compared to its average volume of 3,775,404. The stock has a market cap of $147.54 billion, a PE ratio of 22.25, a PEG ratio of 1.73 and a beta of 1.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average of $386.92 and a 200-day moving average of $399.51. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the business posted $4.48 earnings per share. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company restated an "overweight" rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Robert W. Baird lifted their price objective on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Stifel Nicolaus cut their price target on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

Adobe 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.