Adobe Inc. (NASDAQ:ADBE) Stock Holdings Lifted by Discovery Capital Management LLC CT

Discovery Capital Management LLC CT grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 147.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 61,500 shares of the software company's stock after purchasing an additional 36,600 shares during the quarter. Adobe makes up about 1.9% of Discovery Capital Management LLC CT's investment portfolio, making the stock its 19th biggest position. Discovery Capital Management LLC CT's holdings in Adobe were worth $27,348,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ADBE. Legacy Investment Solutions LLC acquired a new stake in Adobe during the third quarter worth about $26,000. Groupama Asset Managment lifted its stake in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. True Wealth Design LLC boosted its position in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company's stock worth $30,000 after buying an additional 34 shares during the period. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at about $31,000. Finally, Summit Securities Group LLC acquired a new position in Adobe during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent research reports. Evercore ISI lowered their price objective on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. DA Davidson dropped their target price on Adobe from $685.00 to $625.00 and set a "buy" rating on the stock in a research report on Thursday, December 12th. Finally, Barclays reduced their price target on Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a report on Thursday, December 12th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $531.54.

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Adobe Price Performance

Shares of ADBE traded down $18.53 during mid-day trading on Thursday, hitting $367.25. The company's stock had a trading volume of 5,310,208 shares, compared to its average volume of 3,336,620. Adobe Inc. has a fifty-two week low of $366.37 and a fifty-two week high of $587.75. The stock has a market capitalization of $156.52 billion, a price-to-earnings ratio of 29.62, a PEG ratio of 2.15 and a beta of 1.49. The firm has a 50-day moving average price of $428.78 and a 200 day moving average price of $465.84. 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 (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company earned $4.48 earnings per share. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 922 shares of the company's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares of the company's stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last three months. Insiders own 0.16% of the company's stock.

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.