Woodline Partners LP Makes New $12.07 Million Investment in Adobe Inc. (NASDAQ:ADBE)

Woodline Partners LP purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 27,142 shares of the software company's stock, valued at approximately $12,070,000.

Other hedge funds also recently bought and sold shares of the company. Arizona State Retirement System boosted its position in Adobe by 0.4% during 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 in the last quarter. Burling Wealth Partners LLC purchased a new position in Adobe during the fourth quarter worth approximately $1,173,000. Silicon Valley Capital Partners lifted its position in shares of Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after acquiring an additional 236 shares in the last quarter. Foundations Investment Advisors LLC lifted its position in shares of Adobe by 30.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,009 shares of the software company's stock valued at $16,012,000 after acquiring an additional 8,508 shares in the last quarter. Finally, Horan Capital Advisors LLC. lifted its position in shares of Adobe by 2.4% in the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after acquiring an additional 114 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Activity

In other news, CFO Daniel Durn acquired 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was acquired 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. This represents a 4.55% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.16% of the company's stock.

Adobe Price Performance

ADBE stock opened at $414.03 on Thursday. The business has a fifty day moving average of $376.51 and a two-hundred day moving average of $432.95. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $176.46 billion, a price-to-earnings ratio of 33.39, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52-week low of $332.01 and a 52-week 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, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during 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 quarter last year, the firm earned $4.48 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have 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 on the stock in a research report on Thursday, March 13th. Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. StockNews.com downgraded Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. BMO Capital Markets decreased their target price on Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company decreased their target price on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $502.88.

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.

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