Joho Capital LLC Acquires 74,200 Shares of Adobe Inc. (NASDAQ:ADBE)

Joho Capital LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 64.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 189,900 shares of the software company's stock after acquiring an additional 74,200 shares during the quarter. Adobe comprises 14.7% of Joho Capital LLC's holdings, making the stock its 3rd largest holding. Joho Capital LLC's holdings in Adobe were worth $84,445,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its position 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 worth $4,739,788,000 after buying an additional 151,286 shares during the period. Norges Bank purchased a new position in Adobe during the 4th quarter valued at about $2,553,035,000. Edgewood Management LLC grew its position in Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after acquiring an additional 696,172 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Adobe by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company's stock worth $1,249,066,000 after purchasing an additional 92,458 shares during the period. Finally, Franklin Resources Inc. lifted its position in shares of Adobe by 7.3% during the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company's stock worth $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.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. UBS Group dropped their price objective on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Redburn Atlantic assumed coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. Citigroup reduced their price objective on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research note on Monday, March 10th. Morgan Stanley lowered their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. Eleven equities research 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. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $506.73.

Adobe Trading Up 1.9 %

Adobe stock opened at $349.91 on Wednesday. The stock has a market cap of $149.13 billion, a PE ratio of 28.22, a P/E/G 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. The stock has a 50-day moving average price of $398.97 and a 200 day moving average price of $447.84. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the company earned $4.48 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David A. Ricks bought 2,250 shares of the company's stock in a transaction on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company's stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 922 shares of the business's stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction 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. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

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.

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