Schonfeld Strategic Advisors LLC decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 96.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 812 shares of the software company's stock after selling 20,647 shares during the quarter. Schonfeld Strategic Advisors LLC's holdings in Adobe were worth $361,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in ADBE. Arizona State Retirement System raised its position in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after purchasing an additional 570 shares in the last quarter. Burling Wealth Partners LLC purchased a new stake in shares of Adobe during the fourth quarter worth approximately $1,173,000. M. Kraus & Co acquired a new stake in Adobe in the fourth quarter valued at approximately $3,285,000. Silicon Valley Capital Partners lifted its stake in Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock worth $2,656,000 after acquiring an additional 236 shares during the last quarter. Finally, Evanson Asset Management LLC grew its holdings in Adobe by 317.2% during the 4th quarter. Evanson Asset Management LLC now owns 4,472 shares of the software company's stock worth $1,988,000 after acquiring an additional 3,400 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on ADBE shares. Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a "neutral" rating on the stock. BMO Capital Markets cut their price target on Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Stifel Nicolaus decreased their price target on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. BNP Paribas upgraded Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. Finally, Citigroup cut their target price on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $502.88.
Read Our Latest Stock Analysis on Adobe
Insider Activity at Adobe
In other news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is owned by insiders.
Adobe Trading Up 0.5%
NASDAQ ADBE traded up $2.07 during mid-day trading on Wednesday, reaching $399.47. 2,405,296 shares of the stock were exchanged, compared to its average volume of 3,436,392. The stock has a market capitalization of $170.25 billion, a PE ratio of 32.22, a PEG ratio of 2.15 and a beta of 1.55. 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 1-year low of $332.01 and a 1-year high of $587.75. The business's fifty day simple moving average is $377.62 and its 200 day simple moving average is $435.54.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data 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 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. On average, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Adobe Company Profile
(
Free Report)
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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