JAT Capital Mgmt LP Has $11.69 Million Stake in Adobe Inc. (NASDAQ:ADBE)

JAT Capital Mgmt LP grew its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 524.9% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 26,290 shares of the software company's stock after buying an additional 22,083 shares during the period. Adobe makes up 1.9% of JAT Capital Mgmt LP's investment portfolio, making the stock its 16th biggest holding. JAT Capital Mgmt LP's holdings in Adobe were worth $11,691,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC increased its stake in Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after acquiring an additional 151,286 shares during the period. Norges Bank acquired a new stake in Adobe during the fourth quarter valued at approximately $2,553,035,000. Northern Trust Corp grew its stake in shares of Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after purchasing an additional 672,919 shares during the period. Edgewood Management LLC raised its holdings in shares of Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after buying an additional 696,172 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Adobe by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock worth $1,249,066,000 after buying an additional 92,458 shares during the period. Institutional investors own 81.79% of the company's stock.

Insider Activity

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction 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 purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.16% of the stock is owned by company insiders.

Adobe Trading Up 1.7 %

NASDAQ:ADBE traded up $6.24 during mid-day trading on Friday, hitting $380.87. The company had a trading volume of 2,339,231 shares, compared to its average volume of 3,435,176. 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 Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm has a market cap of $162.33 billion, a P/E ratio of 30.72, a P/E/G ratio of 2.15 and a beta of 1.49. The business's fifty day moving average is $385.41 and its two-hundred day moving average is $441.00.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the company posted $4.48 EPS. As a group, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on ADBE. Piper Sandler dropped their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. 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. BMO Capital Markets decreased their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. 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 note on Friday, April 11th. Finally, Mizuho reduced their target price on Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.

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.