Adobe Inc. (NASDAQ:ADBE) Stake Raised by Discovery Capital Management LLC CT

Discovery Capital Management LLC CT grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 147.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,500 shares of the software company’s stock after purchasing an additional 36,600 shares during the period. Adobe makes up 1.9% of Discovery Capital Management LLC CT’s portfolio, making the stock its 19th biggest holding. Discovery Capital Management LLC CT’s holdings in Adobe were worth $27,348,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new stake in Adobe during the fourth quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC boosted its stake in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Adobe in the 4th quarter worth $243,827,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel Durn purchased 1,300 shares of the 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 transaction, 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 disclosure for this purchase can be found here. In the last three months, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $383.53 on Tuesday. The firm has a market cap of $163.46 billion, a P/E ratio of 30.93, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The stock’s 50-day moving average is $430.88 and its two-hundred day moving average is $467.49. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. 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 (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping 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 firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the company earned $4.48 EPS. On average, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Evercore ISI cut their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Royal Bank of Canada reissued an “outperform” rating and set a $530.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Finally, Stifel Nicolaus decreased their target price 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 research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $531.54.

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.