Abacus FCF Advisors LLC Has $16.57 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Abacus FCF Advisors LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 124.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,207 shares of the software company's stock after buying an additional 23,995 shares during the period. Adobe comprises about 2.6% of Abacus FCF Advisors LLC's holdings, making the stock its 10th largest position. Abacus FCF Advisors LLC's holdings in Adobe were worth $16,571,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Norges Bank purchased a new position in Adobe in the fourth quarter worth $2,553,035,000. GAMMA Investing LLC boosted its position in Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares during the last quarter. Proficio Capital Partners LLC boosted its position in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after purchasing an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after acquiring an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its stake in Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $22.00 on Friday, hitting $391.68. The company's stock had a trading volume of 10,618,205 shares, compared to its average volume of 3,427,239. The company has a 50-day simple moving average of $385.73 and a 200 day simple moving average of $422.64. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $166.93 billion, a PE ratio of 31.59, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for 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 quarter last year, the company posted $4.48 EPS. Sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm's 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 transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ADBE shares. Citigroup boosted their target price on shares of Adobe from $430.00 to $465.00 and gave the company a "neutral" rating in a research note on Tuesday. Mizuho dropped their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday. Piper Sandler dropped their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Wells Fargo & Company upped their price target on Adobe from $430.00 to $470.00 and gave the company an "overweight" rating in a research report on Friday. Finally, DA Davidson dropped their price target on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Nine investment 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 company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $494.67.

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.