Adobe Inc. (NASDAQ:ADBE) Shares Purchased by DLK Investment Management LLC

DLK Investment Management LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 11.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,388 shares of the software company's stock after purchasing an additional 1,188 shares during the quarter. Adobe comprises 1.8% of DLK Investment Management LLC's holdings, making the stock its 27th biggest position. DLK Investment Management LLC's holdings in Adobe were worth $4,368,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of ADBE. Norges Bank acquired a new position in Adobe during the 4th quarter valued at approximately $2,553,035,000. GAMMA Investing LLC increased its stake in Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. Proficio Capital Partners LLC increased its stake in Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Adobe by 82.4% in the 4th 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 holdings in shares of Adobe by 1,414.5% in the 4th 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. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Stifel Nicolaus dropped their price objective on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. UBS Group upped their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. Jefferies Financial Group dropped their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Evercore ISI reaffirmed an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a report on Friday, June 13th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $496.75.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $0.88 during mid-day trading on Friday, reaching $385.83. The company's stock had a trading volume of 5,081,963 shares, compared to its average volume of 3,406,087. The stock has a 50-day moving average of $393.23 and a two-hundred day moving average of $411.65. The stock has a market capitalization of $163.67 billion, a P/E ratio of 24.69, a P/E/G ratio of 1.82 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. 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 released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same period last year, the business earned $4.48 earnings per share. Adobe's revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts anticipate 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.