AQR Capital Management LLC Has $334.69 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

AQR Capital Management LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 74.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 752,655 shares of the software company’s stock after purchasing an additional 321,007 shares during the period. Adobe accounts for approximately 0.4% of AQR Capital Management LLC’s portfolio, making the stock its 27th biggest position. AQR Capital Management LLC owned about 0.17% of Adobe worth $334,690,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Virtu Financial LLC acquired a new stake in shares of Adobe in the third quarter worth about $4,167,000. Morse Asset Management Inc increased its stake in shares of Adobe by 32.6% in the third quarter. Morse Asset Management Inc now owns 8,494 shares of the software company’s stock worth $4,398,000 after purchasing an additional 2,088 shares during the period. Te Ahumairangi Investment Management Ltd increased its stake in shares of Adobe by 12.9% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company’s stock worth $2,294,000 after purchasing an additional 510 shares during the period. Anchor Investment Management LLC increased its stake in shares of Adobe by 1.6% in the third quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company’s stock worth $8,420,000 after purchasing an additional 255 shares during the period. Finally, Pine Valley Investments Ltd Liability Co increased its stake in shares of Adobe by 13.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company’s stock worth $13,168,000 after purchasing an additional 3,071 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ADBE. Morgan Stanley cut their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Royal Bank of Canada cut their target price on Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a research report on Monday, April 14th. Wells Fargo & Company dropped their price target on Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Oppenheimer lowered their target price on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Stock Up 0.2 %

ADBE opened at $368.62 on Tuesday. 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 market cap of $157.11 billion, a PE ratio of 29.73, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The stock’s fifty day simple moving average is $391.12 and its 200 day simple moving average is $443.78. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the business earned $4.48 EPS. As a group, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by insiders.

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.