Benchstone Capital Management LP Purchases Shares of 45,505 Adobe Inc. (NASDAQ:ADBE)

Benchstone Capital Management LP bought a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 45,505 shares of the software company's stock, valued at approximately $20,235,000. Adobe comprises 2.1% of Benchstone Capital Management LP's portfolio, making the stock its 27th largest position.

Other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB boosted its position in Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock valued at $765,094,000 after buying an additional 33,414 shares in the last quarter. Arizona State Retirement System raised its position in Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after purchasing an additional 570 shares during the last quarter. Burling Wealth Partners LLC acquired a new position in shares of Adobe in the fourth quarter worth approximately $1,173,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Adobe by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock worth $44,090,000 after purchasing an additional 1,326 shares during the period. Finally, M. Kraus & Co bought a new stake in Adobe during the fourth quarter valued at $3,285,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Oppenheimer cut their price target on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. reduced their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Jefferies Financial Group lowered their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Citigroup reduced their price target on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Finally, Piper Sandler dropped their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Price Performance

Adobe stock traded up $1.99 during midday trading on Wednesday, reaching $384.97. 2,152,569 shares of the stock were exchanged, compared to its average volume of 3,434,227. The company's fifty day moving average is $383.13 and its 200-day moving average is $439.00. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The firm has a market cap of $164.07 billion, a PE ratio of 31.05, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during 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 last year, the company earned $4.48 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.16% of the company's stock.

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.