AdvisorShares Investments LLC Buys Shares of 15,900 Adobe Inc. (NASDAQ:ADBE)

AdvisorShares Investments LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 15,900 shares of the software company's stock, valued at approximately $7,070,000. Adobe comprises approximately 1.4% of AdvisorShares Investments LLC's investment portfolio, making the stock its 13th largest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank bought a new position in Adobe during the fourth quarter worth about $2,553,035,000. Proficio Capital Partners LLC increased its stake in Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Adobe by 82.4% during the 4th 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. The Manufacturers Life Insurance Company grew its stake in shares of Adobe by 225.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock worth $478,453,000 after acquiring an additional 745,827 shares in the last quarter. Finally, FIL Ltd grew its stake in shares of Adobe by 130.9% during the 4th 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 in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Shares of ADBE traded down $0.35 during midday trading on Thursday, reaching $374.63. 2,845,830 shares of the stock were exchanged, compared to its average volume of 3,435,877. Adobe Inc. has a twelve month low of $332.01 and a twelve month 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 has a market cap of $159.67 billion, a P/E ratio of 30.21, a PEG ratio of 2.15 and a beta of 1.49. The stock's 50 day simple moving average is $386.67 and its 200 day simple moving average is $441.88.

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

Insider Buying and Selling

In related news, CFO Daniel Durn purchased 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, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 0.16% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research reports. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. BNP Paribas raised shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target for the company in a research note on Wednesday, January 15th. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Summit Redstone set a $410.00 price objective on Adobe in a report on Wednesday, March 19th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $502.88.

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.