Novem Group Purchases New Stake in Adobe Inc. (NASDAQ:ADBE)

Novem Group acquired a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,758 shares of the software company's stock, valued at approximately $782,000.

A number of other hedge funds have also made changes to their positions in the business. Norges Bank purchased a new position in Adobe in the 4th quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC lifted its position 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 worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted 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 valued at $937,291,000 after purchasing an additional 952,233 shares during the period. Two Sigma Advisers LP grew its holdings 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 purchasing an additional 830,300 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Adobe by 225.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock worth $478,453,000 after buying an additional 745,827 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.16% of the stock is currently owned by company insiders.

Adobe Trading Down 0.9%

NASDAQ:ADBE opened at $414.03 on Thursday. The firm has a market capitalization of $176.46 billion, a P/E ratio of 33.39, a P/E/G ratio of 2.15 and a beta of 1.55. The business has a 50 day simple moving average of $376.51 and a 200 day simple moving average of $432.95. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The company 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 last year, the business posted $4.48 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ADBE shares. Citigroup decreased their price objective on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Summit Redstone set a $410.00 price target on Adobe in a report on Wednesday, March 19th. BMO Capital Markets dropped their price objective on Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Piper Sandler cut their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, UBS Group decreased their price target on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average target price of $502.88.

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.

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