Adobe Inc. (NASDAQ:ADBE) Shares Bought by Vident Advisory LLC

Vident Advisory LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 70.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 132,281 shares of the software company’s stock after purchasing an additional 54,664 shares during the quarter. Adobe accounts for 1.0% of Vident Advisory LLC’s investment portfolio, making the stock its 12th biggest position. Vident Advisory LLC’s holdings in Adobe were worth $58,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vivaldi Capital Management LP increased its position in shares of Adobe by 6.8% during the fourth quarter. Vivaldi Capital Management LP now owns 551 shares of the software company’s stock worth $242,000 after acquiring an additional 35 shares during the last quarter. Westwood Holdings Group Inc. grew its holdings in shares of Adobe by 2.6% during the fourth quarter. Westwood Holdings Group Inc. now owns 9,460 shares of the software company’s stock valued at $4,207,000 after purchasing an additional 238 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after purchasing an additional 830,300 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of Adobe by 128.7% during the fourth quarter. Two Sigma Investments LP now owns 452,880 shares of the software company’s stock worth $201,387,000 after buying an additional 254,869 shares during the period. Finally, Texas Bank & Trust Co acquired a new position in shares of Adobe during the fourth quarter worth approximately $1,038,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research analyst reports. Citigroup cut their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Wells Fargo & Company cut their price objective on Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Royal Bank of Canada cut their price objective on Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a research report on Monday, April 14th. JPMorgan Chase & Co. cut their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Redburn Atlantic initiated coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Eleven equities 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the 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 transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.16% of the company’s stock.

Adobe Trading Up 3.1%

Adobe stock opened at $417.13 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $177.78 billion, a price-to-earnings ratio of 33.64, a PEG ratio of 2.15 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company’s fifty day moving average price is $375.68 and its two-hundred day moving average price is $433.63.

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

About Adobe

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.