Corton Capital Inc. bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 722 shares of the software company's stock, valued at approximately $321,000.
Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Adobe during the fourth quarter valued at $2,553,035,000. Proficio Capital Partners LLC boosted its stake in 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 valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake 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 valued at $937,291,000 after purchasing an additional 952,233 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Adobe by 225.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock valued at $478,453,000 after acquiring an additional 745,827 shares in the last quarter. Finally, FIL Ltd raised its holdings in shares of Adobe by 130.9% in the fourth 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. 81.79% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other Adobe news, CFO Daniel Durn bought 1,300 shares of the 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 acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.16% of the company's stock.
Analyst Ratings Changes
A number of research analysts have issued reports on ADBE shares. JPMorgan Chase & Co. decreased their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. StockNews.com lowered Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. Stifel Nicolaus reduced their price objective on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. 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 research report on Monday, March 31st. Finally, BNP Paribas upgraded Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price on the stock in a research report 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 company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $502.88.
Check Out Our Latest Stock Analysis on ADBE
Adobe Trading Up 2.8%
Shares of NASDAQ:ADBE traded up $10.69 during mid-day trading on Monday, reaching $393.97. 1,086,751 shares of the company's stock were exchanged, compared to its average volume of 3,431,813. The firm has a market capitalization of $167.91 billion, a price-to-earnings ratio of 31.81, a PEG ratio of 2.15 and a beta of 1.55. The business's fifty day moving average price is $379.67 and its 200-day moving average price is $436.43. 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 twelve month low of $332.01 and a twelve month high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the business earned $4.48 earnings per share. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Adobe Company Profile
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Free Report)
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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