Polar Asset Management Partners Inc. Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Polar Asset Management Partners Inc. purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 80,000 shares of the software company's stock, valued at approximately $35,574,000.

A number of other large investors have also recently bought and sold shares of ADBE. Miracle Mile Advisors LLC boosted its position in Adobe by 32.5% during the fourth quarter. Miracle Mile Advisors LLC now owns 2,089 shares of the software company's stock worth $929,000 after acquiring an additional 512 shares during the last quarter. FNY Investment Advisers LLC grew its holdings in shares of Adobe by 20,900.0% during the 4th quarter. FNY Investment Advisers LLC now owns 420 shares of the software company's stock worth $186,000 after purchasing an additional 418 shares during the period. 180 Wealth Advisors LLC increased its position in shares of Adobe by 9.1% in the fourth quarter. 180 Wealth Advisors LLC now owns 1,790 shares of the software company's stock worth $796,000 after acquiring an additional 149 shares in the last quarter. Accurate Wealth Management LLC lifted its holdings in shares of Adobe by 168.6% during the 4th quarter. Accurate Wealth Management LLC now owns 1,982 shares of the software company's stock valued at $805,000 after acquiring an additional 1,244 shares in the last quarter. Finally, Pines Wealth Management LLC acquired a new stake in Adobe in the 4th quarter valued at $768,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. KeyCorp raised 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 target on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. Wells Fargo & Company decreased their price objective on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Mizuho dropped their target price on Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Finally, BNP Paribas upgraded Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $502.88.

Adobe Price Performance

ADBE opened at $399.47 on Thursday. 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 company's 50-day moving average price is $376.62 and its 200 day moving average price is $435.30. 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 $170.25 billion, a price-to-earnings ratio of 32.22, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

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 (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate 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 business posted $4.48 EPS. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value 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 trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.16% of the company's stock.

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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