Versant Capital Management Inc Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Versant Capital Management Inc raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 356.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,887 shares of the software company's stock after acquiring an additional 1,474 shares during the quarter. Versant Capital Management Inc's holdings in Adobe were worth $724,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Adobe in the 4th quarter valued at $2,553,035,000. Proficio Capital Partners LLC raised its holdings in shares of 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 acquiring an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after acquiring an additional 952,233 shares during the last quarter. Two Sigma Advisers LP boosted its position in shares of Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after buying an additional 830,300 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Adobe in the fourth quarter valued at about $365,750,000. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. Mizuho decreased their price objective on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Stifel Nicolaus cut their price objective on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Wells Fargo & Company lowered their price objective on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Eleven equities research 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 stock. Based on data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and an average price target of $502.88.

Adobe Price Performance

Shares of ADBE traded up $5.99 during mid-day trading on Tuesday, hitting $409.39. 771,126 shares of the company traded hands, compared to its average volume of 3,414,936. The business has a 50-day moving average of $379.21 and a 200 day moving average of $426.57. The stock has a market capitalization of $174.48 billion, a price-to-earnings ratio of 33.02, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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 the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. During the same period in the previous year, the firm posted $4.48 EPS. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Daniel Durn purchased 1,300 shares of the business'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 purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is currently owned by corporate insiders.

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.