Bridgewater Advisors Inc. Invests $1.07 Million in Adobe Inc. (NASDAQ:ADBE)

Bridgewater Advisors Inc. acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,878 shares of the software company's stock, valued at approximately $1,068,000.

A number of other large investors have also bought and sold shares of ADBE. Geode Capital Management LLC raised its stake in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after acquiring an additional 151,286 shares during the period. Bank of New York Mellon Corp boosted its position in Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after purchasing an additional 821,293 shares during the period. Norges Bank purchased a new position in shares of Adobe in the fourth quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after purchasing an additional 600,146 shares during the period. Finally, Northern Trust Corp raised its position 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 valued at $2,363,125,000 after purchasing an additional 672,919 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent research reports. Morgan Stanley reduced their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. UBS Group raised their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Finally, Robert W. Baird upped their price target on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

Adobe Price Performance

NASDAQ ADBE traded down $2.41 during trading hours on Wednesday, reaching $361.77. 3,590,702 shares of the stock traded hands, compared to its average volume of 3,468,792. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a 50 day simple moving average of $394.90 and a two-hundred day simple moving average of $404.10. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a market cap of $153.46 billion, a price-to-earnings ratio of 23.15, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $4.48 EPS. On average, analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

About Adobe

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.