Polar Asset Management Partners Inc. Purchases Shares of 80,000 Adobe Inc. (NASDAQ:ADBE)

Polar Asset Management Partners Inc. acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 80,000 shares of the software company's stock, valued at approximately $35,574,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Adobe during the fourth quarter worth $2,553,035,000. Proficio Capital Partners LLC boosted its holdings 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 acquiring an additional 1,041,513 shares during the period. 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 boosted its stake 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 buying an additional 830,300 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Adobe by 225.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock worth $478,453,000 after purchasing an additional 745,827 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade 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. 0.16% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent research reports. Wells Fargo & Company dropped their price objective on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. UBS Group cut their target price 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. Stifel Nicolaus decreased their target price on shares of Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Citigroup lowered their price objective on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research note on Monday, March 10th. Finally, Piper Sandler decreased their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $502.88.

Adobe Price Performance

NASDAQ ADBE traded up $1.29 during mid-day trading on Friday, hitting $414.65. The stock had a trading volume of 937,264 shares, compared to its average volume of 3,434,167. The stock has a market capitalization of $176.72 billion, a price-to-earnings ratio of 33.44, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The firm's 50 day moving average is $378.87 and its 200 day moving average is $429.47. 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 (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.