Alyeska Investment Group L.P. Has $363.55 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Alyeska Investment Group L.P. grew its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 817,554 shares of the software company's stock after purchasing an additional 137,630 shares during the quarter. Adobe comprises about 1.4% of Alyeska Investment Group L.P.'s portfolio, making the stock its 5th biggest position. Alyeska Investment Group L.P. owned approximately 0.19% of Adobe worth $363,550,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new position in Adobe during the 4th quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC raised its position in shares of Adobe by 82,528.8% during the fourth 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 during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Adobe by 225.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock valued at $478,453,000 after purchasing an additional 745,827 shares during the period. Finally, FIL Ltd increased its holdings in 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 purchasing an additional 730,520 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. DA Davidson dropped their price objective on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. dropped their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. Oppenheimer cut their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Finally, BNP Paribas raised Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $502.88.

Adobe Price Performance

ADBE stock opened at $380.87 on Friday. The stock has a market capitalization of $162.33 billion, a price-to-earnings ratio of 30.72, a PEG ratio of 2.15 and a beta of 1.49. The firm's 50-day moving average price is $385.41 and its two-hundred day moving average price is $441.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the business earned $4.48 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe 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 completion of the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by company 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.

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