Canada Pension Plan Investment Board Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Canada Pension Plan Investment Board grew its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 62.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 467,018 shares of the software company's stock after purchasing an additional 179,481 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.11% of Adobe worth $207,674,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ADBE. Norges Bank purchased a new stake in shares of Adobe in the 4th quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC raised its stake in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after buying an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after buying an additional 952,233 shares during the period. FIL Ltd boosted its position in Adobe by 130.9% during the 4th quarter. FIL Ltd now owns 1,288,599 shares of the software company's stock valued at $573,014,000 after acquiring an additional 730,520 shares in the last quarter. Finally, Edgewood Management LLC increased its holdings 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 acquiring an additional 696,172 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $8.13 during midday trading on Tuesday, reaching $351.35. 1,354,648 shares of the company's stock traded hands, compared to its average volume of 3,985,423. The company has a market cap of $149.75 billion, a P/E ratio of 28.33, a PEG ratio of 2.15 and a beta of 1.49. The company has a fifty day simple moving average of $401.15 and a two-hundred day simple moving average of $448.52. 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 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the company earned $4.48 earnings per share. Equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on ADBE. StockNews.com lowered shares of Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. Bank of America lowered their target price on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Royal Bank of Canada lowered their price objective on Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. Jefferies Financial Group lowered their price target on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Finally, Evercore ISI cut their price objective on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Eleven equities research 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 stock. Based on data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average target price of $506.73.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Ricks bought 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last quarter. 0.16% of the stock is currently owned by corporate insiders.

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.