Edgewood Management LLC Has $1.81 Billion Stake in Adobe Inc. (NASDAQ:ADBE)

Edgewood Management LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 20.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,059,119 shares of the software company’s stock after buying an additional 696,172 shares during the period. Adobe accounts for about 5.2% of Edgewood Management LLC’s portfolio, making the stock its 7th largest position. Edgewood Management LLC owned approximately 0.93% of Adobe worth $1,805,009,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment lifted its holdings in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the 4th quarter worth $31,000. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 4th quarter worth $31,000. Finally, Caitlin John LLC grew its stake in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after buying an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 5.0 %

ADBE stock opened at $349.07 on Friday. The firm’s fifty day moving average is $425.66 and its 200 day moving average is $463.60. The firm has a market cap of $148.77 billion, a PE ratio of 28.15, a P/E/G ratio of 2.15 and a beta of 1.49. Adobe Inc. has a one year low of $348.80 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate 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 EPS. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction 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. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last three months. 0.16% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ADBE. Evercore ISI decreased their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Piper Sandler decreased their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein dropped their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and set a $530.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Finally, Redburn Atlantic initiated coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. Eleven 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 stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $531.54.

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.