Distillate Capital Partners LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Distillate Capital Partners LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 71,001 shares of the software company's stock, valued at approximately $31,573,000. Adobe makes up approximately 1.6% of Distillate Capital Partners LLC's portfolio, making the stock its 10th largest position.

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. 1ST Source Bank boosted its position in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company's stock valued at $1,496,000 after buying an additional 20 shares during the last quarter. Sepio Capital LP boosted its stake in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after purchasing an additional 22 shares during the period. Foster Group Inc. lifted its stake in Adobe by 4.6% in the 4th quarter. Foster Group Inc. now owns 526 shares of the software company's stock valued at $234,000 after acquiring an additional 23 shares in the last quarter. Atlantic Edge Private Wealth Management LLC increased its stake in Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock valued at $2,404,000 after buying an additional 23 shares during the last quarter. Finally, Veery Capital LLC raised its holdings in Adobe by 1.9% during the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company's stock worth $585,000 after acquiring an additional 24 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Down 1.1 %

NASDAQ:ADBE traded down $3.69 on Wednesday, reaching $346.69. The company's stock had a trading volume of 1,856,410 shares, compared to its average volume of 3,392,032. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock has a 50 day moving average price of $409.57 and a 200 day moving average price of $453.41. The firm has a market cap of $147.76 billion, a price-to-earnings ratio of 27.96, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the company posted $4.48 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADBE. JPMorgan Chase & Co. cut their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Evercore ISI reduced 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. Redburn Atlantic assumed coverage on shares of Adobe in a report on Wednesday, February 19th. They set a "neutral" rating for the company. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Finally, Jefferies Financial Group decreased their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Eleven equities 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 MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and a consensus target price of $513.27.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares of the company's stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Company 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.