Crestline Management LP Acquires 24,368 Shares of Adobe Inc. (NASDAQ:ADBE)

Crestline Management LP boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 82.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 53,942 shares of the software company's stock after purchasing an additional 24,368 shares during the period. Adobe accounts for about 0.8% of Crestline Management LP's investment portfolio, making the stock its 12th biggest holding. Crestline Management LP's holdings in Adobe were worth $23,987,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Decker Retirement Planning Inc. bought a new position in shares of Adobe in the 4th quarter valued at about $31,000. Summit Securities Group LLC acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $31,000. Caitlin John LLC increased its holdings in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after acquiring an additional 48 shares during the last quarter. Mascoma Wealth Management LLC lifted its holdings in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after purchasing an additional 50 shares during the last quarter. Finally, LFA Lugano Financial Advisors SA bought a new position in Adobe during the fourth quarter worth $38,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of research reports. Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Redburn Atlantic initiated coverage on Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. StockNews.com downgraded shares of Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. BMO Capital Markets dropped their price target on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Finally, Royal Bank of Canada lowered their price objective on Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were acquired 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 approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.16% of the company's stock.

Adobe Trading Down 0.2 %

Shares of Adobe stock traded down $0.71 on Friday, hitting $383.28. The stock had a trading volume of 2,030,646 shares, compared to its average volume of 3,438,025. The stock has a 50 day moving average of $379.67 and a 200 day moving average of $437.08. The firm has a market capitalization of $163.35 billion, a P/E ratio of 30.91, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. 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 (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 the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the company posted $4.48 EPS. Sell-side analysts expect 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.