Neo Ivy Capital Management Buys Shares of 18,453 Adobe Inc. (NASDAQ:ADBE)

Neo Ivy Capital Management purchased a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 18,453 shares of the software company's stock, valued at approximately $8,205,000. Adobe accounts for approximately 1.7% of Neo Ivy Capital Management's portfolio, making the stock its 6th largest position.

A number of other large investors have also recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after buying an additional 151,286 shares in the last quarter. Norges Bank purchased a new stake in Adobe during the fourth quarter valued at about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Northern Trust Corp raised its position in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC raised its position in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Activity

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on ADBE shares. Oppenheimer lowered their price target on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. Citigroup lowered their price target on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Finally, Summit Redstone set a $410.00 price objective on Adobe in a report on Wednesday, March 19th. Eleven investment 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 company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $502.88.

Adobe Stock Up 1.3%

Adobe stock traded up $5.41 during trading hours on Tuesday, hitting $413.10. 2,611,399 shares of the stock traded hands, compared to its average volume of 3,446,673. The firm's 50-day moving average price is $377.53 and its two-hundred day moving average price is $430.35. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $176.06 billion, a PE ratio of 33.31, 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.

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 business had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the firm posted $4.48 EPS. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.