BlueSpruce Investments LP Has $503.29 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

BlueSpruce Investments LP boosted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 34.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,131,809 shares of the software company's stock after acquiring an additional 292,379 shares during the quarter. Adobe accounts for 10.2% of BlueSpruce Investments LP's portfolio, making the stock its 3rd largest position. BlueSpruce Investments LP owned about 0.26% of Adobe worth $503,293,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its stake 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 buying an additional 33,414 shares in the last quarter. Pensionfund Sabic purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $2,668,000. Doliver Advisors LP boosted its stake in Adobe by 12.4% in the 4th quarter. Doliver Advisors LP now owns 3,136 shares of the software company's stock worth $1,395,000 after purchasing an additional 345 shares during the period. Diversified Trust Co grew its position in Adobe by 27.6% during the 4th quarter. Diversified Trust Co now owns 8,222 shares of the software company's stock worth $3,656,000 after purchasing an additional 1,776 shares in the last quarter. Finally, Norway Savings Bank raised its stake in Adobe by 33.3% during the 4th quarter. Norway Savings Bank now owns 2,262 shares of the software company's stock valued at $1,006,000 after purchasing an additional 565 shares during the period. Institutional investors own 81.79% of the company's stock.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of 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 position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.16% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ADBE shares. Wells Fargo & Company lowered their price target on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Citigroup dropped their target price on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a report on Monday, March 10th. Redburn Atlantic started coverage on shares of Adobe in a report on Wednesday, February 19th. They set a "neutral" rating for the company. Bank of America dropped their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Finally, UBS Group decreased their target price on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Stock Performance

NASDAQ:ADBE traded down $0.98 during mid-day trading on Thursday, hitting $383.99. 3,381,810 shares of the company's stock traded hands, compared to its average volume of 3,439,104. The firm has a market capitalization of $163.66 billion, a price-to-earnings ratio of 30.97, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm has a 50 day moving average of $382.06 and a two-hundred day moving average of $438.62. 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 data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the company posted $4.48 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.