Point72 Europe London LLP Acquires New Stake in Adobe Inc. (NASDAQ:ADBE)

Point72 Europe London LLP acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 10,732 shares of the software company's stock, valued at approximately $4,772,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe during the fourth quarter worth $31,000. Summit Securities Group LLC purchased a new position in Adobe during the fourth quarter worth about $31,000. Caitlin John LLC boosted its stake in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after buying an additional 48 shares during the last quarter. Mascoma Wealth Management LLC grew its holdings in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after buying an additional 50 shares during the period. Finally, LFA Lugano Financial Advisors SA purchased a new stake in Adobe in the 4th quarter valued at about $38,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Royal Bank of Canada dropped their price objective on Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Morgan Stanley reduced their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, StockNews.com cut Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $502.88.

Adobe Stock Performance

Adobe stock opened at $399.47 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a fifty day moving average price of $376.62 and a two-hundred day moving average price of $435.30. The company has a market cap of $170.25 billion, a PE ratio of 32.22, a P/E/G ratio of 2.15 and a beta of 1.55.

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, beating analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the firm earned $4.48 EPS. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.16% of the company's stock.

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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