Chicago Capital LLC Acquires 15,316 Shares of Adobe Inc. (NASDAQ:ADBE)

Chicago Capital LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 262.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 21,150 shares of the software company’s stock after purchasing an additional 15,316 shares during the period. Chicago Capital LLC’s holdings in Adobe were worth $12,618,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ADBE. Norges Bank bought a new stake in Adobe in the fourth quarter worth $1,757,029,000. Moneta Group Investment Advisors LLC lifted its stake in Adobe by 115,991.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after purchasing an additional 3,245,427 shares during the last quarter. Concentrum Wealth Management lifted its stake in Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares during the last quarter. Morgan Stanley increased its position in shares of Adobe by 17.7% in the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after acquiring an additional 1,471,861 shares during the period. Finally, Invesco Ltd. increased its position in shares of Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Stifel Nicolaus decreased their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a research report on Thursday, January 18th. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Royal Bank of Canada restated an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, Oppenheimer reiterated an “outperform” rating and set a $660.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $620.72.

View Our Latest Stock Report on ADBE

Insider Buying and Selling

In related news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now owns 7,614 shares in the company, valued at $4,353,456.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now owns 7,614 shares in the company, valued at $4,353,456.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is owned by insiders.

Adobe Trading Down 0.5 %

NASDAQ:ADBE opened at $502.09 on Tuesday. The company’s 50 day moving average price is $567.63 and its 200-day moving average price is $570.53. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $227.22 billion, a price-to-earnings ratio of 48.00, a PEG ratio of 2.73 and a beta of 1.29.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the company posted $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, equities research analysts forecast that Adobe Inc. will post 14.57 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has authorized a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Adobe Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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