JAT Capital Mgmt LP Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

JAT Capital Mgmt LP raised its position in Adobe Inc. (NASDAQ:ADBE) by 524.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,290 shares of the software company’s stock after purchasing an additional 22,083 shares during the quarter. Adobe accounts for approximately 1.9% of JAT Capital Mgmt LP’s portfolio, making the stock its 16th largest position. JAT Capital Mgmt LP’s holdings in Adobe were worth $11,691,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Sepio Capital LP boosted its holdings in Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares during the period. Cadence Bank lifted its position in shares of Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after purchasing an additional 22 shares in the last quarter. Foster Group Inc. boosted its stake in shares of Adobe by 4.6% in the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after purchasing an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC grew its holdings in shares of Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after purchasing an additional 23 shares in the last quarter. Finally, Veery Capital LLC increased its stake in Adobe by 1.9% during the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock worth $585,000 after buying an additional 24 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ADBE shares. DA Davidson decreased their price target on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Mizuho decreased their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Stifel Nicolaus cut their price target on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Finally, UBS Group cut their target price on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $502.88.

Adobe Price Performance

ADBE stock opened at $370.98 on Wednesday. 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 company has a market capitalization of $158.11 billion, a P/E ratio of 29.92, a PEG ratio of 2.15 and a beta of 1.49. The business has a 50 day simple moving average of $389.45 and a 200-day simple moving average of $443.28. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last issued 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. The firm had revenue of $5.71 billion during 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 quarter in the prior year, the business earned $4.48 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In related news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.16% of the company’s stock.

About Adobe

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.