Shorepath Capital Management LLC Buys 886 Shares of Adobe Inc. (NASDAQ:ADBE)

Shorepath Capital Management LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,351 shares of the software company's stock after purchasing an additional 886 shares during the quarter. Adobe comprises about 3.3% of Shorepath Capital Management LLC's holdings, making the stock its 17th biggest position. Shorepath Capital Management LLC's holdings in Adobe were worth $4,353,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Norges Bank bought a new stake in Adobe during the 4th quarter valued at $2,553,035,000. GAMMA Investing LLC grew its holdings in shares of Adobe by 46,806.6% during the first 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 last quarter. Proficio Capital Partners LLC grew its holdings 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 valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP raised 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 worth $395,321,000 after acquiring an additional 830,300 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of ADBE traded down $0.66 during trading hours on Monday, reaching $416.26. 3,032,627 shares of the company's stock traded hands, compared to its average volume of 3,407,984. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. 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 stock has a market cap of $177.41 billion, a PE ratio of 33.57, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm's 50 day simple moving average is $381.41 and its 200-day simple moving average is $424.16.

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

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ADBE shares. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Jefferies Financial Group dropped their price target on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. JPMorgan Chase & Co. reduced their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. UBS Group lifted their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday. Finally, Wells Fargo & Company cut their price target on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $504.81.

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.