Voloridge Investment Management LLC Makes New $122.16 Million Investment in Adobe Inc. (NASDAQ:ADBE)

Voloridge Investment Management LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 274,719 shares of the software company's stock, valued at approximately $122,162,000. Voloridge Investment Management LLC owned 0.06% of Adobe as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Arizona State Retirement System lifted its holdings in Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after purchasing an additional 570 shares during the period. Burling Wealth Partners LLC acquired a new stake in Adobe in the fourth quarter worth about $1,173,000. Silicon Valley Capital Partners lifted its holdings in Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock worth $2,656,000 after purchasing an additional 236 shares during the period. Evanson Asset Management LLC lifted its holdings in Adobe by 317.2% in the fourth quarter. Evanson Asset Management LLC now owns 4,472 shares of the software company's stock worth $1,988,000 after purchasing an additional 3,400 shares during the period. Finally, Foundations Investment Advisors LLC lifted its holdings in Adobe by 30.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,009 shares of the software company's stock worth $16,012,000 after purchasing an additional 8,508 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other 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, 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 represents a 4.55% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ADBE. Mizuho reduced their price objective on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. DA Davidson cut their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a report on Monday, April 14th. Evercore ISI cut their price target on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Oppenheimer cut their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Finally, Morgan Stanley cut their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Eleven equities research 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 company's stock. According to data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target of $502.88.

Adobe Trading Up 0.9%

NASDAQ:ADBE opened at $420.68 on Tuesday. The stock's 50 day moving average price is $375.32 and its 200 day moving average price is $433.19. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a market capitalization of $179.29 billion, a P/E ratio of 33.93, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS 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 the consensus estimate of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 earnings per share. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe 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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