Mackenzie Financial Corp has increased its holdings in Adobe Inc. by 28.6%, reaching a total value of approximately $32.29 million. This change was reported in the fund’s latest Form 13F filing with the Securities and Exchange Commission (SEC). The firm now owns 83,460 shares of the software giant after acquiring an additional 18,545 shares during the second quarter.
The rise in Mackenzie’s investment reflects a broader trend among institutional investors. Other notable changes include 1248 Management LLC, which purchased a new stake in Adobe valued at around $25,000 during the first quarter. Similarly, LSV Asset Management expanded its Adobe holdings by an impressive 350%, now owning 72 shares worth approximately $28,000. Flaharty Asset Management LLC and Nexus Investment Management ULC also entered the Adobe market with stakes of $29,000 and $31,000 respectively.
In total, institutional investors now account for approximately 81.79% of Adobe’s stock. This significant investment surge indicates a strong interest in the company’s performance and future growth potential.
Analyst Ratings and Market Performance
Equities research analysts have provided varied insights into Adobe’s stock. On October 8, Weiss Ratings reaffirmed a “hold (C-)” rating, while JMP Securities maintained a “market perform” rating on September 12. TD Cowen revised its price target down from $470.00 to $420.00, also advising a “hold” on the stock. Citigroup adjusted its price objective from $450.00 to $400.00, assigning a “neutral” rating.
Currently, the stock has a consensus rating of “hold” with a target price of $428.96. Analysts have varied opinions, with one analyst rating it as a Strong Buy, fourteen as Buy, eleven as Hold, and three as Sell.
As of Monday, Adobe’s stock opened at $320.25. The company has a market capitalization of $134.05 billion and a PE ratio of 19.95. Over the past year, the stock has fluctuated between a low of $311.58 and a high of $557.90.
Recent Financial Results and Future Guidance
Adobe recently reported its quarterly earnings on September 11, posting earnings per share (EPS) of $5.31, surpassing analysts’ expectations of $5.18 by $0.13. This performance indicates a strong return on equity of 57.54% and a net margin of 30.01%. The company’s revenue for the quarter reached $5.99 billion, exceeding the consensus estimate of $5.91 billion.
Year-over-year, Adobe’s quarterly revenue grew by 10.7%. Looking ahead, the company has set its FY 2025 guidance at an EPS range of $20.800 to $20.850, with Q4 2025 guidance at $5.350 to $5.400. Analysts predict that Adobe will achieve an EPS of 16.65 for the current fiscal year.
In related news, Jillian Forusz, the Chief Accounting Officer, sold 149 shares of Adobe stock on October 31 for an average price of $337.88, totaling approximately $50,344.12. Following this transaction, Forusz retained 3,426 shares valued at about $1,157,576.88.
Adobe Inc. operates globally through its three business segments: Digital Media, Digital Experience, and Publishing and Advertising, providing versatile solutions for content creation and management. As the company continues to evolve in a competitive market, its financial performance and institutional interest will be closely monitored by investors and analysts alike.
