Bridgewater Associates LP Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Bridgewater Associates LP raised its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 424.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 235,756 shares of the software company's stock after acquiring an additional 190,802 shares during the quarter. Bridgewater Associates LP owned approximately 0.05% of Adobe worth $104,836,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Kane Investment Management Inc. bought a new stake in shares of Adobe during the fourth quarter valued at approximately $1,407,000. Lafayette Investments Inc. boosted its holdings in shares of Adobe by 32.6% during the 4th quarter. Lafayette Investments Inc. now owns 1,960 shares of the software company's stock valued at $872,000 after buying an additional 482 shares in the last quarter. AGP Franklin LLC purchased a new stake in shares of Adobe in the 4th quarter worth about $1,316,000. Ontario Teachers Pension Plan Board bought a new position in shares of Adobe in the 4th quarter worth about $386,000. Finally, Guggenheim Capital LLC lifted its position in Adobe by 8.5% during the 4th quarter. Guggenheim Capital LLC now owns 170,003 shares of the software company's stock valued at $75,597,000 after acquiring an additional 13,374 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Activity

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

Adobe Trading Up 1.3 %

Adobe stock traded up $4.61 during trading hours on Friday, hitting $348.80. The company had a trading volume of 5,206,364 shares, compared to its average volume of 3,419,004. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $148.66 billion, a P/E ratio of 28.13, a P/E/G ratio of 2.15 and a beta of 1.49. The company has a 50-day moving average price of $403.54 and a two-hundred day moving average price of $450.04. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates 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 previous year, the business earned $4.48 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of recent research reports. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Royal Bank of Canada cut their price target on Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. Citigroup reduced their price objective on Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Robert W. Baird dropped their target price on Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Finally, Mizuho reduced their price target on Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Eleven 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 company. Based on data from MarketBeat, Adobe has an average rating of "Moderate Buy" and a consensus target price of $513.27.

Adobe 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.