Coronation Fund Managers Ltd. Acquires 2,521 Shares of Adobe Inc. (NASDAQ:ADBE)

Coronation Fund Managers Ltd. lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 124.2% in the second quarter, Holdings Channel.com reports. The institutional investor 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 reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ADBE. Norges Bank bought a new position in shares of Adobe in the fourth quarter worth about $3,277,785,000. Wellington Management Group LLP lifted its stake in Adobe by 1,213.5% in 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 purchasing an additional 1,870,307 shares during the last quarter. Swedbank AB acquired a new stake in Adobe in the first quarter valued at approximately $621,179,000. Price T Rowe Associates Inc. MD grew its stake in shares of 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 buying an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP increased its holdings 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 buying an additional 575,675 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Oppenheimer reaffirmed an “outperform” rating and issued a $580.00 target price on shares of Adobe in a report on Friday, June 14th. Citigroup lowered their target price on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research report on Monday, June 10th. TD Cowen reduced their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $601.38.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock valued at $14,994,277 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

Adobe stock traded down $0.70 during midday trading on Friday, reaching $553.46. The stock had a trading volume of 1,541,726 shares, compared to its average volume of 3,304,834. The firm has a market capitalization of $245.40 billion, a PE ratio of 49.73, a P/E/G 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 firm’s 50-day moving average price is $537.27 and its 200 day moving average price is $523.66. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the business earned $3.04 EPS. Adobe’s revenue was up 10.2% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 14.69 earnings per share 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.