Voloridge Investment Management LLC Invests $122.16 Million in Adobe Inc. (NASDAQ:ADBE)

Voloridge Investment Management LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 274,719 shares of the software company’s stock, valued at approximately $122,162,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sepio Capital LP raised its stake in Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after acquiring an additional 22 shares in the last quarter. Cadence Bank raised its stake in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC raised its stake in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after acquiring an additional 22 shares in the last quarter. Foster Group Inc. raised its stake in Adobe by 4.6% during the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after acquiring an additional 23 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC raised its stake in Adobe by 0.4% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock worth $2,404,000 after acquiring an additional 23 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $420.68 on Tuesday. The firm has a market capitalization of $179.29 billion, a P/E ratio of 33.93, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The business has a 50-day moving average of $375.32 and a 200-day moving average of $433.19. 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) last posted its earnings results 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 company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the company earned $4.48 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Summit Redstone set a $410.00 price objective on Adobe in a research note on Wednesday, March 19th. Oppenheimer dropped their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Robert W. Baird dropped their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. BMO Capital Markets dropped their price objective on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Finally, 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. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.