FORA Capital LLC Takes Position in Adobe Inc. (NASDAQ:ADBE)

FORA Capital LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, HoldingsChannel reports. The fund purchased 2,070 shares of the software company’s stock, valued at approximately $920,000.

A number of other hedge funds have also bought and sold shares of ADBE. Norges Bank bought a new stake in shares of Adobe in the fourth quarter valued at approximately $2,553,035,000. Proficio Capital Partners LLC lifted its position 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 valued at $463,701,000 after acquiring an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings 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 purchasing an additional 952,233 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Adobe by 225.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company’s stock worth $478,453,000 after purchasing an additional 745,827 shares during the period. Finally, FIL Ltd raised its stake in Adobe by 130.9% in the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock valued at $573,014,000 after purchasing an additional 730,520 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 0.2 %

NASDAQ ADBE opened at $383.28 on Friday. The firm has a market capitalization of $163.35 billion, a PE ratio of 30.91, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business’s 50-day moving average price is $379.67 and its two-hundred day moving average price is $437.08. 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 Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS 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 business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. On average, analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, 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 the SEC website. 0.16% of the stock is owned by insiders.

Analyst Ratings Changes

ADBE has been the topic of several recent analyst reports. Stifel Nicolaus decreased their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Evercore ISI decreased their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Redburn Atlantic assumed coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Robert W. Baird lowered their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock 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.