Canal Capital Management LLC Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

Canal Capital Management LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 20.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,893 shares of the software company’s stock after purchasing an additional 1,500 shares during the quarter. Canal Capital Management LLC’s holdings in Adobe were worth $3,955,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of ADBE. TD Waterhouse Canada Inc. raised its stake in shares of Adobe by 58.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 27,447 shares of the software company’s stock valued at $12,205,000 after purchasing an additional 10,095 shares during the period. Teachers Retirement System of The State of Kentucky increased its stake in Adobe by 7.9% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 80,022 shares of the software company’s stock worth $35,585,000 after buying an additional 5,869 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Adobe by 131.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 42,567 shares of the software company’s stock worth $18,929,000 after buying an additional 24,195 shares in the last quarter. Thematics Asset Management boosted its position in Adobe by 5.1% in the 4th quarter. Thematics Asset Management now owns 18,013 shares of the software company’s stock valued at $8,010,000 after buying an additional 873 shares during the last quarter. Finally, Tradition Wealth Management LLC grew its stake in shares of Adobe by 1.4% during the fourth quarter. Tradition Wealth Management LLC now owns 2,683 shares of the software company’s stock valued at $1,193,000 after acquiring an additional 37 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE opened at $348.80 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm has a market cap of $148.66 billion, a PE ratio of 28.13, a P/E/G ratio of 2.15 and a beta of 1.49. The business has a fifty day simple moving average of $403.54 and a 200-day simple moving average of $449.67.

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on ADBE shares. Mizuho reduced their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. DA Davidson cut their target price on shares of Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Wells Fargo & Company decreased their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $513.27.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction on 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 acquisition, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,075 shares of company stock worth $2,191,826. Corporate insiders own 0.16% of the company’s stock.

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.