Core Alternative Capital Buys 11,127 Shares of Adobe Inc. (NASDAQ:ADBE)

Core Alternative Capital lifted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 9,760.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,241 shares of the software company's stock after buying an additional 11,127 shares during the quarter. Core Alternative Capital's holdings in Adobe were worth $4,311,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Adobe during the 4th quarter worth about $2,553,035,000. GAMMA Investing LLC boosted its position in Adobe by 46,806.6% during 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 period. Arrowstreet Capital Limited Partnership boosted its position in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the period. Two Sigma Advisers LP boosted its position in Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Adobe during the fourth quarter worth approximately $365,750,000. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $2.38 on Monday, hitting $376.93. The stock had a trading volume of 3,542,960 shares, compared to its average volume of 3,433,287. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market capitalization of $159.89 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51. The firm's 50 day moving average price is $396.09 and its 200-day moving average price is $407.83. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a report on Wednesday, July 2nd. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Morgan Stanley decreased their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Oppenheimer decreased their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Finally, Jefferies Financial Group reduced their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average target price of $480.08.

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.