Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Canal Capital Management LLC

Canal Capital Management LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,893 shares of the software company's stock after buying 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 hedge funds and other institutional investors have also recently modified their holdings of ADBE. Virtu Financial LLC purchased a new position in Adobe in the 3rd quarter worth about $4,167,000. Morse Asset Management Inc grew its stake in Adobe by 32.6% in the 3rd quarter. Morse Asset Management Inc now owns 8,494 shares of the software company's stock worth $4,398,000 after acquiring an additional 2,088 shares in the last quarter. Te Ahumairangi Investment Management Ltd increased its position in shares of Adobe by 12.9% during the third quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company's stock worth $2,294,000 after acquiring an additional 510 shares during the period. Anchor Investment Management LLC increased its position in shares of Adobe by 1.6% during the third quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company's stock worth $8,420,000 after acquiring an additional 255 shares during the period. Finally, Pine Valley Investments Ltd Liability Co boosted its holdings in shares of Adobe by 13.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company's stock valued at $13,168,000 after purchasing an additional 3,071 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $6.81 during mid-day trading on Friday, hitting $367.72. The stock had a trading volume of 3,497,670 shares, compared to its average volume of 3,429,607. The firm has a market cap of $156.72 billion, a PE ratio of 29.65, a PEG ratio of 2.15 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a 50 day moving average of $394.82 and a two-hundred day moving average of $446.30. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the firm earned $4.48 EPS. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on ADBE. JPMorgan Chase & Co. reduced their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. BNP Paribas upgraded Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. Evercore ISI cut their target price on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Finally, Piper Sandler reduced their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company's stock, 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. Corporate insiders own 0.16% of the company's stock.

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.