Westpac Banking Corp Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Westpac Banking Corp grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 28.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,530 shares of the software company’s stock after purchasing an additional 3,242 shares during the period. Westpac Banking Corp’s holdings in Adobe were worth $6,461,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. OneAscent Financial Services LLC grew its holdings in shares of Adobe by 25.3% during the 4th quarter. OneAscent Financial Services LLC now owns 1,034 shares of the software company’s stock worth $460,000 after acquiring an additional 209 shares during the period. Private Portfolio Partners LLC boosted its position in shares of Adobe by 3.9% during the fourth quarter. Private Portfolio Partners LLC now owns 929 shares of the software company’s stock valued at $413,000 after purchasing an additional 35 shares in the last quarter. Wisconsin Capital Management LLC grew its stake in Adobe by 0.7% in the fourth quarter. Wisconsin Capital Management LLC now owns 10,175 shares of the software company’s stock worth $4,525,000 after purchasing an additional 66 shares during the period. Potomac Fund Management Inc. ADV bought a new position in Adobe in the fourth quarter worth $223,000. Finally, Discovery Capital Management LLC CT lifted its position in Adobe by 147.0% during the fourth quarter. Discovery Capital Management LLC CT now owns 61,500 shares of the software company’s stock valued at $27,348,000 after buying an additional 36,600 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.7 %

Adobe stock opened at $385.78 on Thursday. Adobe Inc. has a 52-week low of $370.95 and a 52-week high of $587.75. The company has a market cap of $164.42 billion, a P/E ratio of 31.11, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50-day simple moving average of $428.78 and a two-hundred day simple moving average of $465.84.

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

Insider Buying and Selling

In related news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ADBE shares. Sanford C. Bernstein decreased their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Piper Sandler dropped their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Wells Fargo & Company reduced their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Finally, BMO Capital Markets dropped their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $531.54.

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.