Applied Finance Capital Management LLC Has $53.79 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Applied Finance Capital Management LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 120,970 shares of the software company's stock after buying an additional 3,959 shares during the period. Adobe makes up approximately 2.3% of Applied Finance Capital Management LLC's investment portfolio, making the stock its 10th biggest holding. Applied Finance Capital Management LLC's holdings in Adobe were worth $53,793,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. United Bank boosted its position in Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company's stock valued at $1,344,000 after buying an additional 428 shares during the last quarter. Zacks Investment Management lifted its stake in Adobe by 14.1% during the 3rd quarter. Zacks Investment Management now owns 3,247 shares of the software company's stock valued at $1,681,000 after acquiring an additional 401 shares during the period. XTX Topco Ltd purchased a new stake in shares of Adobe in the 3rd quarter valued at $1,049,000. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the third quarter worth $26,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Adobe during the third quarter worth $6,294,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 0.7 %

ADBE traded up $2.42 during trading on Friday, hitting $352.47. The company had a trading volume of 3,940,472 shares, compared to its average volume of 3,408,124. The company has a market cap of $150.22 billion, a PE ratio of 28.43, a P/E/G ratio of 2.15 and a beta of 1.49. 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 1-year low of $332.01 and a 1-year high of $587.75. The business has a 50-day moving average of $413.00 and a 200-day moving average of $455.70.

Adobe (NASDAQ:ADBE - Get Free Report) last issued 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm earned $4.48 EPS. As a group, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David A. Ricks purchased 2,250 shares of the company's stock in a transaction on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company's stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last ninety days. Company insiders own 0.16% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ADBE shares. BMO Capital Markets cut their price target on Adobe from $515.00 to $495.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Redburn Atlantic initiated coverage on Adobe in a report on Wednesday, February 19th. They set a "neutral" rating on the stock. Stifel Nicolaus decreased their price target on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Bank of America dropped their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $530.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $527.12.

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.