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

Sirios Capital Management L P increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,852 shares of the software company’s stock after acquiring an additional 789 shares during the period. Adobe comprises approximately 1.5% of Sirios Capital Management L P’s holdings, making the stock its 23rd largest holding. Sirios Capital Management L P’s holdings in Adobe were worth $8,383,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB increased its stake in shares of Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after buying an additional 33,414 shares in the last quarter. Arizona State Retirement System grew its holdings in Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after acquiring an additional 570 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Adobe by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after acquiring an additional 1,326 shares in the last quarter. M. Kraus & Co bought a new position in shares of Adobe in the fourth quarter worth about $3,285,000. Finally, Silicon Valley Capital Partners lifted its position in shares of Adobe by 4.1% during the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock worth $2,656,000 after purchasing an additional 236 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last 90 days. 0.16% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research analyst reports. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Summit Redstone set a $410.00 target price on Adobe in a research report on Wednesday, March 19th. Citigroup lowered their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Redburn Atlantic initiated coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Finally, Jefferies Financial Group reduced their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Eleven 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.com, the company presently has an average rating of “Moderate Buy” and an average target price of $506.73.

Adobe Trading Up 1.9 %

ADBE opened at $349.91 on Wednesday. The stock has a market capitalization of $149.13 billion, a P/E ratio of 28.22, a P/E/G 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. The firm’s fifty day simple moving average is $398.97 and its 200 day simple moving average is $447.84.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for 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 posted $4.48 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.