Boothbay Fund Management LLC Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Boothbay Fund Management LLC increased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 886.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,471 shares of the software company's stock after acquiring an additional 12,106 shares during the quarter. Boothbay Fund Management LLC's holdings in Adobe were worth $5,990,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Nordea Investment Management AB lifted its position in Adobe by 2.0% during 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 purchasing an additional 33,414 shares during the last quarter. Arizona State Retirement System lifted its position in Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after purchasing an additional 570 shares during the last quarter. Burling Wealth Partners LLC bought a new stake in Adobe during the fourth quarter valued at approximately $1,173,000. Wealth Enhancement Advisory Services LLC lifted its position in Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock valued at $44,090,000 after purchasing an additional 1,326 shares during the last quarter. Finally, M. Kraus & Co bought a new stake in Adobe during the fourth quarter valued at approximately $3,285,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 1.1 %

NASDAQ ADBE traded up $4.00 during mid-day trading on Wednesday, reaching $374.98. The stock had a trading volume of 3,297,049 shares, compared to its average volume of 3,434,441. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The stock has a market cap of $159.82 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a fifty day moving average price of $389.45 and a 200 day moving average price of $443.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the firm posted $4.48 EPS. On average, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, 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 document filed with the SEC, which is available through this hyperlink. Insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ADBE shares. StockNews.com downgraded shares of Adobe from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, March 4th. Robert W. Baird cut their target price on Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Citigroup cut their target price on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research note on Monday, March 10th. Wells Fargo & Company cut their target price on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, Evercore ISI cut their target price on Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research note 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 company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $502.88.

About Adobe

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.