Parametrica Management Ltd Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Parametrica Management Ltd boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 34.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,294 shares of the software company’s stock after acquiring an additional 1,107 shares during the period. Adobe accounts for approximately 4.2% of Parametrica Management Ltd’s holdings, making the stock its 7th biggest holding. Parametrica Management Ltd’s holdings in Adobe were worth $2,562,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. One Charles Private Wealth Services LLC boosted its holdings in shares of Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after buying an additional 17 shares in the last quarter. Invst LLC boosted its holdings in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after buying an additional 17 shares in the last quarter. Raleigh Capital Management Inc. boosted its holdings in shares of Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares in the last quarter. Lantz Financial LLC boosted its holdings in shares of Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after buying an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management boosted its holdings in shares of Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after buying an additional 17 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 293 shares of company stock worth $137,656. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $4.12 during midday trading on Friday, hitting $477.56. 2,460,261 shares of the company’s stock traded hands, compared to its average volume of 2,815,745. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The stock has a market capitalization of $213.95 billion, a price-to-earnings ratio of 45.66, a price-to-earnings-growth ratio of 2.59 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a fifty day moving average of $515.34 and a 200 day moving average of $564.55.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the firm earned $2.97 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has authorized a stock buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Mizuho restated a “buy” rating and set a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research report on Wednesday, March 27th. UBS Group lowered their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Finally, Piper Sandler Companies lowered their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $620.72.

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.