Bolthouse Investments LLC Invests $254,000 in Adobe Inc. (NASDAQ:ADBE)

Bolthouse Investments LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, HoldingsChannel.com reports. The fund bought 571 shares of the software company’s stock, valued at approximately $254,000.

Several other large investors also recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Adobe in the 4th quarter worth $2,553,035,000. Proficio Capital Partners LLC lifted its holdings in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after acquiring an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares in the last quarter. FIL Ltd increased its stake in Adobe by 130.9% during the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock worth $573,014,000 after acquiring an additional 730,520 shares during the last quarter. Finally, Edgewood Management LLC lifted its stake in shares of Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after purchasing an additional 696,172 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on ADBE. Summit Redstone set a $410.00 price target on Adobe in a report on Wednesday, March 19th. Wells Fargo & Company cut their price objective on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a research report on Tuesday. Piper Sandler lowered their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday. Morgan Stanley cut their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, Evercore ISI decreased their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Eleven investment 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $502.88.

Adobe Stock Performance

Shares of ADBE stock opened at $367.72 on Friday. The firm has a market cap of $156.72 billion, a price-to-earnings ratio of 29.65, a PEG ratio of 2.15 and a beta of 1.49. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company’s 50 day moving average is $392.89 and its 200 day moving average is $445.42.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the business posted $4.48 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. 0.16% of the stock is currently owned by corporate insiders.

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.