Adobe Inc. (NASDAQ:ADBE) Position Lifted by Edgewood Management LLC

Edgewood Management LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 20.7% in the fourth quarter, HoldingsChannel reports. The firm owned 4,059,119 shares of the software company’s stock after buying an additional 696,172 shares during the period. Adobe makes up about 5.2% of Edgewood Management LLC’s portfolio, making the stock its 7th biggest holding. Edgewood Management LLC’s holdings in Adobe were worth $1,805,009,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Geode Capital Management LLC increased its holdings in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after buying an additional 151,286 shares during the last quarter. Norges Bank purchased a new position in Adobe in the fourth quarter worth approximately $2,553,035,000. Charles Schwab Investment Management Inc. increased its stake in Adobe by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after acquiring an additional 92,458 shares during the last quarter. Franklin Resources Inc. raised its position in Adobe by 7.3% in the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock valued at $1,235,157,000 after purchasing an additional 163,983 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after purchasing an additional 952,233 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Redburn Atlantic assumed coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. UBS Group set a $495.00 price objective on shares of Adobe in a report on Thursday, March 13th. Sanford C. Bernstein dropped their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Summit Redstone set a $410.00 target price on Adobe in a research report on Wednesday, March 19th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $531.54.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were 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 owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Adobe Price Performance

Shares of ADBE opened at $349.07 on Friday. The firm has a market capitalization of $148.77 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49. The firm’s fifty day simple moving average is $425.66 and its 200-day simple moving average is $463.60. Adobe Inc. has a twelve month low of $348.80 and a twelve month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its earnings results 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 firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company posted $4.48 earnings per share. Equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe Company 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.