Anomaly Capital Management LP Grows Position in Adobe Inc. (NASDAQ:ADBE)

Anomaly Capital Management LP lifted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 210.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 118,993 shares of the software company's stock after purchasing an additional 80,663 shares during the quarter. Adobe comprises approximately 1.6% of Anomaly Capital Management LP's holdings, making the stock its 23rd largest holding. Anomaly Capital Management LP's holdings in Adobe were worth $52,914,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Geode Capital Management LLC grew its holdings in shares of Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. Norges Bank acquired a new stake in Adobe in the 4th quarter valued at about $2,553,035,000. Edgewood Management LLC increased its holdings in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after buying an additional 696,172 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Adobe by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock worth $1,249,066,000 after buying an additional 92,458 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in shares of Adobe by 7.3% in the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company's stock valued at $1,235,157,000 after purchasing an additional 163,983 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last ninety days. Corporate insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ADBE. BMO Capital Markets reduced their price objective on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Royal Bank of Canada decreased their price target on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. DA Davidson dropped their target price on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $513.27.

Adobe Trading Down 1.6 %

Shares of Adobe stock opened at $343.22 on Tuesday. 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 business has a fifty day simple moving average of $401.15 and a two-hundred day simple moving average of $448.52. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a market capitalization of $146.28 billion, a price-to-earnings ratio of 27.68, a P/E/G ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 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 the consensus estimate 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 business earned $4.48 earnings per share. Research analysts forecast that Adobe Inc. will post 16.65 EPS 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.

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