Select Equity Group L.P. Grows Stock Position in Adobe Inc. (NASDAQ:ADBE)

Select Equity Group L.P. boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 177.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 235,068 shares of the software company's stock after acquiring an additional 150,447 shares during the period. Select Equity Group L.P. owned 0.05% of Adobe worth $104,530,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. 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 buying an additional 570 shares during the last quarter. Burling Wealth Partners LLC bought a new position in Adobe in the fourth quarter valued at about $1,173,000. Silicon Valley Capital Partners lifted its position in shares of Adobe by 4.1% in 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 during the period. Evanson Asset Management LLC increased its holdings in Adobe by 317.2% in the fourth quarter. Evanson Asset Management LLC now owns 4,472 shares of the software company's stock worth $1,988,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Foundations Investment Advisors LLC increased its holdings in shares of Adobe by 30.9% during the fourth quarter. Foundations Investment Advisors LLC now owns 36,009 shares of the software company's stock valued at $16,012,000 after acquiring an additional 8,508 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Insider Buying and Selling

In related news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were acquired 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 owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.16% of the stock is owned by corporate insiders.

Adobe Trading Down 0.7%

NASDAQ:ADBE traded down $3.07 during midday trading on Tuesday, hitting $417.61. 2,452,158 shares of the company traded hands, compared to its average volume of 3,446,688. The firm's fifty day moving average is $375.32 and its 200-day moving average is $433.19. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm has a market capitalization of $177.99 billion, a P/E ratio of 33.68, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the firm posted $4.48 EPS. On average, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. JPMorgan Chase & Co. cut their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Summit Redstone set a $410.00 price objective on Adobe in a research report on Wednesday, March 19th. Evercore ISI reduced their price target on Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Royal Bank of Canada lowered their target price on Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. Finally, Stifel Nicolaus lowered their price target on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $502.88.

Adobe 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.