Guggenheim Capital LLC Has $75.60 Million Position in Adobe Inc. (NASDAQ:ADBE)

Guggenheim Capital LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 170,003 shares of the software company's stock after buying an additional 13,374 shares during the quarter. Adobe makes up about 0.6% of Guggenheim Capital LLC's investment portfolio, making the stock its 20th largest holding. Guggenheim Capital LLC's holdings in Adobe were worth $75,597,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC boosted its position in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after buying an additional 151,286 shares during the period. Norges Bank acquired a new position in Adobe during the fourth quarter worth $2,553,035,000. Edgewood Management LLC boosted its position in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Adobe by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock valued at $1,249,066,000 after buying an additional 92,458 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in Adobe by 7.3% during the 3rd 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 during the period. Institutional investors own 81.79% of the company's stock.

Insiders Place Their Bets

In other news, Director David A. Ricks purchased 2,250 shares of the company's stock in a transaction on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company's stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last ninety days. 0.16% of the stock is currently owned by corporate insiders.

Adobe Trading Up 1.3 %

Shares of NASDAQ:ADBE traded up $4.61 during mid-day trading on Friday, reaching $348.80. The stock had a trading volume of 5,206,364 shares, compared to its average volume of 3,414,358. The firm has a 50 day simple moving average of $405.74 and a two-hundred day simple moving average of $451.49. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The firm has a market cap of $148.66 billion, a PE ratio of 28.13, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a current ratio of 1.07, a quick 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 for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. During the same period last year, the firm posted $4.48 earnings per share. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Morgan Stanley decreased their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday. Citigroup reduced their price objective on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a report on Monday, March 10th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Finally, Robert W. Baird cut their price target on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Eleven 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 stock. Based on data from MarketBeat, the company presently 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.