Parkwood LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Parkwood LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 30.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 25,034 shares of the software company’s stock after purchasing an additional 5,879 shares during the period. Adobe makes up 1.2% of Parkwood LLC’s holdings, making the stock its 26th biggest position. Parkwood LLC’s holdings in Adobe were worth $11,132,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Arizona State Retirement System grew its position in shares of Adobe by 0.4% in the fourth 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 during the last quarter. Burling Wealth Partners LLC acquired a new position in shares of Adobe in the fourth quarter worth $1,173,000. M. Kraus & Co acquired a new position in shares of Adobe in the fourth quarter worth $3,285,000. Silicon Valley Capital Partners lifted its position in shares of Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock valued at $2,656,000 after acquiring an additional 236 shares in the last quarter. Finally, Evanson Asset Management LLC lifted its holdings in Adobe by 317.2% in the 4th quarter. Evanson Asset Management LLC now owns 4,472 shares of the software company’s stock valued at $1,988,000 after purchasing an additional 3,400 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $397.40 on Wednesday. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. 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 firm has a market cap of $169.37 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business has a 50 day moving average price of $377.62 and a two-hundred day moving average price of $435.54.

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Morgan Stanley lowered their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Robert W. Baird decreased their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Citigroup cut their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Finally, Redburn Atlantic began coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Eleven investment 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $502.88.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 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.