Arrowstreet Capital Limited Partnership Grows Position in Adobe Inc. (NASDAQ:ADBE)

Arrowstreet Capital Limited Partnership boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 82.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,107,788 shares of the software company’s stock after buying an additional 952,233 shares during the period. Adobe makes up approximately 0.8% of Arrowstreet Capital Limited Partnership’s portfolio, making the stock its 14th biggest position. Arrowstreet Capital Limited Partnership owned about 0.48% of Adobe worth $937,291,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of the stock. PARUS FINANCE UK Ltd boosted its position in shares of Adobe by 27.5% during the fourth quarter. PARUS FINANCE UK Ltd now owns 37,045 shares of the software company’s stock worth $16,473,000 after buying an additional 7,980 shares during the period. Allianz SE purchased a new position in Adobe during the 4th quarter valued at about $11,885,000. Biondo Investment Advisors LLC grew its position in Adobe by 2.1% in the 4th quarter. Biondo Investment Advisors LLC now owns 36,225 shares of the software company’s stock valued at $16,108,000 after acquiring an additional 738 shares in the last quarter. Allstate Corp increased its stake in Adobe by 3,176.9% during the fourth quarter. Allstate Corp now owns 13,075 shares of the software company’s stock worth $5,814,000 after purchasing an additional 12,676 shares during the period. Finally, Troy Asset Management Ltd lifted its position in shares of Adobe by 34.8% during the fourth quarter. Troy Asset Management Ltd now owns 72,865 shares of the software company’s stock worth $32,402,000 after purchasing an additional 18,820 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ADBE. Piper Sandler cut their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Wells Fargo & Company cut their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Redburn Atlantic started coverage on Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Morgan Stanley cut their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, UBS Group set a $495.00 price objective on Adobe in a research note on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $533.85.

Adobe Trading Down 2.6 %

NASDAQ ADBE opened at $385.71 on Friday. 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 stock has a market capitalization of $164.39 billion, a P/E ratio of 31.11, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The firm has a 50-day moving average price of $431.81 and a 200 day moving average price of $469.69.

Adobe (NASDAQ:ADBE) last issued its 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 return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the business posted $4.48 EPS. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. Corporate insiders own 0.16% of the company’s stock.

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.