Rafferty Asset Management LLC Has $97.51 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Rafferty Asset Management LLC boosted its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 18.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 163,438 shares of the software company’s stock after acquiring an additional 25,111 shares during the period. Rafferty Asset Management LLC’s holdings in Adobe were worth $97,507,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. Norges Bank acquired a new stake in Adobe in the 4th quarter valued at $3,277,785,000. Concentrum Wealth Management increased its position in shares of Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after acquiring an additional 2,148,978 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Adobe in the 4th quarter worth about $875,592,000. Invesco Ltd. lifted its position in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. Finally, Alkeon Capital Management LLC acquired a new position in Adobe during the 3rd quarter valued at about $152,970,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Adobe stock traded up $9.35 during mid-day trading on Tuesday, reaching $448.37. The company’s stock had a trading volume of 3,183,011 shares, compared to its average volume of 3,366,940. The firm’s fifty day moving average price is $480.58 and its two-hundred day moving average price is $549.60. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 12-month low of $417.74 and a 12-month high of $638.25. The company has a market capitalization of $200.87 billion, a P/E ratio of 42.73, a PEG ratio of 2.41 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.97 earnings per share. Sell-side analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ADBE shares. UBS Group decreased their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. JPMorgan Chase & Co. lowered their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Wells Fargo & Company cut their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, Mizuho reissued a “buy” rating and set a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Get Our Latest Stock Analysis on Adobe

Insider Transactions at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by corporate insiders.

About Adobe

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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