CenterBook Partners LP Purchases New Shares in Adobe Inc. (NASDAQ:ADBE)

CenterBook Partners LP bought a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,193 shares of the software company's stock, valued at approximately $531,000.

A number of other large investors also recently modified their holdings of ADBE. APG Asset Management US Inc. boosted its holdings in Adobe by 11.1% in the fourth quarter. APG Asset Management US Inc. now owns 11,424 shares of the software company's stock valued at $5,080,000 after acquiring an additional 1,141 shares during the last quarter. Martingale Asset Management L P boosted its stake in shares of Adobe by 1.2% in the 4th quarter. Martingale Asset Management L P now owns 42,638 shares of the software company's stock valued at $18,960,000 after purchasing an additional 496 shares during the last quarter. APG Asset Management N.V. grew its position in shares of Adobe by 461.6% during the 4th quarter. APG Asset Management N.V. now owns 440,786 shares of the software company's stock worth $189,289,000 after buying an additional 362,304 shares during the period. Advisory Services Network LLC raised its stake in shares of Adobe by 3.7% during the fourth quarter. Advisory Services Network LLC now owns 28,253 shares of the software company's stock worth $12,563,000 after buying an additional 999 shares during the last quarter. Finally, Applied Finance Capital Management LLC raised its stake in shares of Adobe by 3.4% during the fourth quarter. Applied Finance Capital Management LLC now owns 120,970 shares of the software company's stock worth $53,793,000 after buying an additional 3,959 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 0.6 %

ADBE stock traded down $2.11 during midday trading on Wednesday, hitting $348.27. The stock had a trading volume of 1,170,649 shares, compared to its average volume of 3,389,112. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a fifty day moving average price of $409.57 and a two-hundred day moving average price of $453.41. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a market cap of $148.43 billion, a P/E ratio of 28.09, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during 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 period in the previous year, the company posted $4.48 earnings per share. On average, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction on 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last ninety days. 0.16% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADBE. Mizuho cut their price target on Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company decreased their target price on Adobe from $640.00 to $600.00 and set an "overweight" rating for the company in a research report on Friday, March 7th. Evercore ISI lowered their target price on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. DA Davidson reduced their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Robert W. Baird lowered their price objective on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Eleven equities research 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 company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target 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.