Sone Capital Management LLC Acquires Shares of 10,792 Adobe Inc. (NASDAQ:ADBE)

Sone Capital Management LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 10,792 shares of the software company's stock, valued at approximately $4,799,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank purchased a new stake in shares of Adobe in the fourth quarter worth $2,553,035,000. Northern Trust Corp increased its stake in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. Edgewood Management LLC increased its stake in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Adobe by 4.0% in the fourth quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company's stock worth $1,555,031,000 after purchasing an additional 133,556 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADBE. Bank of America reduced their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. UBS Group reduced their price objective 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. DA Davidson cut their target price on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Royal Bank of Canada cut their target price on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. Finally, Evercore ISI cut their target price on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Price Performance

ADBE stock traded up $0.30 during trading on Thursday, hitting $414.33. 1,887,091 shares of the company's stock traded hands, compared to its average volume of 3,449,097. The business has a fifty day simple moving average of $376.51 and a 200 day simple moving average of $432.95. The stock has a market capitalization of $176.59 billion, a price-to-earnings ratio of 33.41, a P/E/G ratio of 2.15 and a beta of 1.55. 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 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results 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 firm had revenue of $5.71 billion during the quarter, compared to analyst estimates 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 business earned $4.48 EPS. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Transactions at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was purchased 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 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.16% of the company's stock.

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.