Parkwood LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Parkwood LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 30.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,034 shares of the software company's stock after purchasing an additional 5,879 shares during the period. Adobe accounts for about 1.2% of Parkwood LLC's holdings, making the stock its 26th biggest holding. Parkwood LLC's holdings in Adobe were worth $11,132,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of ADBE. Arizona State Retirement System lifted its stake in Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after acquiring an additional 570 shares in the last quarter. Burling Wealth Partners LLC acquired a new stake in shares of Adobe in the fourth quarter valued at $1,173,000. M. Kraus & Co purchased a new position in Adobe in the fourth quarter valued at $3,285,000. Silicon Valley Capital Partners grew its stake in Adobe by 4.1% during the 4th 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 in the last quarter. Finally, Evanson Asset Management LLC boosted its stake in shares of Adobe by 317.2% in the 4th quarter. Evanson Asset Management LLC now owns 4,472 shares of the software company's stock valued at $1,988,000 after buying an additional 3,400 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.16% of the company's stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $397.40 on Wednesday. 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 firm has a market cap of $169.37 billion, a price-to-earnings ratio of 32.05, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm's fifty day moving average price is $377.62 and its 200 day moving average price is $435.54. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $5.66 billion. During the same period in the previous year, the business posted $4.48 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the topic of a number of analyst reports. Citigroup reduced their price objective on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a report on Monday, March 10th. Redburn Atlantic assumed coverage on Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating for the company. Robert W. Baird dropped their price objective on Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. UBS Group decreased their target price on Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Finally, Evercore ISI dropped their price target on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average 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.

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