Gateway Investment Advisers LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Gateway Investment Advisers LLC lifted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 0.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,916 shares of the software company's stock after purchasing an additional 900 shares during the quarter. Gateway Investment Advisers LLC's holdings in Adobe were worth $44,841,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter valued at approximately $2,553,035,000. GAMMA Investing LLC boosted its position 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 buying an additional 2,984,391 shares during the period. Proficio Capital Partners LLC boosted its position 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 buying an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Adobe by 82.4% during 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 buying an additional 952,233 shares during the period. Finally, Two Sigma Advisers LP boosted its position in Adobe by 1,414.5% during the 4th 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 period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 0.4%

Shares of ADBE traded up $1.72 during trading hours on Friday, hitting $416.92. The company had a trading volume of 2,143,071 shares, compared to its average volume of 3,409,490. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $177.69 billion, a price-to-earnings ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a fifty day moving average price of $381.41 and a 200-day moving average price of $424.72.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the business earned $4.48 EPS. On average, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Oppenheimer dropped their price objective on Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. dropped their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. BMO Capital Markets dropped their price target on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Finally, Citigroup dropped their price target on Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research note on Monday, March 10th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $502.88.

Adobe 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.