Fairtree Asset Management Pty Ltd Takes $1.66 Million Position in Adobe Inc. (NASDAQ:ADBE)

Fairtree Asset Management Pty Ltd acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 3,730 shares of the software company’s stock, valued at approximately $1,659,000. Adobe accounts for approximately 1.6% of Fairtree Asset Management Pty Ltd’s investment portfolio, making the stock its 15th largest position.

Several other institutional investors have also recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH grew its stake in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after buying an additional 39,888 shares in the last quarter. SWAN Capital LLC acquired a new position in Adobe in the 4th quarter valued at about $28,000. Copia Wealth Management acquired a new position in Adobe in the 4th quarter valued at about $28,000. Summit Securities Group LLC purchased a new stake in Adobe during the fourth quarter worth about $31,000. Finally, Caitlin John LLC lifted its position in shares of Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after purchasing an additional 48 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were purchased 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 directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.16% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent research reports. Robert W. Baird cut their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Morgan Stanley cut their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. UBS Group lowered their target price on Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Finally, Evercore ISI reduced their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Eleven research 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 has a consensus rating of “Moderate Buy” and a consensus price target of $502.88.

Adobe Stock Up 1.3%

ADBE stock opened at $413.10 on Wednesday. The company has a market cap of $176.06 billion, a price-to-earnings ratio of 33.31, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a fifty day moving average price of $378.00 and a 200 day moving average price of $430.23. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

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 company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the business posted $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe Company 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.