Tobam Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Tobam trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 61.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 436 shares of the software company's stock after selling 693 shares during the quarter. Tobam's holdings in Adobe were worth $167,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Adobe in the 4th quarter valued at about $2,553,035,000. GAMMA Investing LLC boosted its stake in shares of Adobe by 46,806.6% in 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 stake in shares of Adobe by 82,528.8% in 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 lifted its stake in 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 purchasing an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its stake in Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price 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 of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on ADBE. JPMorgan Chase & Co. decreased their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. Wells Fargo & Company boosted their target price on Adobe from $430.00 to $470.00 and gave the stock an "overweight" rating in a research note on Friday. Citigroup boosted their target price on Adobe from $430.00 to $465.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 10th. Finally, DA Davidson reduced their price objective on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $494.67.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $22.00 during trading on Friday, reaching $391.68. The company had a trading volume of 10,618,205 shares, compared to its average volume of 3,381,385. The firm has a market capitalization of $166.93 billion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock's fifty day moving average price is $386.76 and its 200 day moving average price is $421.08. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

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 return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.