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

Sirios Capital Management L P increased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,852 shares of the software company's stock after purchasing an additional 789 shares during the period. Adobe makes up 1.5% of Sirios Capital Management L P's investment portfolio, making the stock its 23rd biggest holding. Sirios Capital Management L P's holdings in Adobe were worth $8,383,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ADBE. Virtu Financial LLC bought a new stake in shares of Adobe during the 3rd quarter worth $4,167,000. Morse Asset Management Inc increased its stake in Adobe by 32.6% during the third quarter. Morse Asset Management Inc now owns 8,494 shares of the software company's stock valued at $4,398,000 after acquiring an additional 2,088 shares during the period. Te Ahumairangi Investment Management Ltd raised its stake in shares of Adobe by 12.9% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company's stock valued at $2,294,000 after purchasing an additional 510 shares in the last quarter. Anchor Investment Management LLC lifted its position in Adobe by 1.6% in the third quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company's stock worth $8,420,000 after purchasing an additional 255 shares during the period. Finally, Pine Valley Investments Ltd Liability Co boosted its stake in Adobe by 13.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company's stock worth $13,168,000 after buying an additional 3,071 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Down 0.5 %

Shares of NASDAQ:ADBE traded down $1.67 during midday trading on Monday, hitting $366.05. The company had a trading volume of 1,718,001 shares, compared to its average volume of 3,431,640. The firm has a fifty day simple moving average of $392.89 and a 200 day simple moving average of $444.67. The stock has a market cap of $156.01 billion, a price-to-earnings ratio of 29.49, a PEG ratio of 2.15 and a beta of 1.49. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

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

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the business's stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company's stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were acquired 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. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.16% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Morgan Stanley cut their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Piper Sandler lowered their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Robert W. Baird cut their target price on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Finally, Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $502.88.

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.