Diametric Capital LP Has $378,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Diametric Capital LP raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 56.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 849 shares of the software company’s stock after buying an additional 306 shares during the quarter. Diametric Capital LP’s holdings in Adobe were worth $378,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. National Wealth Management Group LLC bought a new stake in Adobe in the fourth quarter valued at approximately $503,000. Nemes Rush Group LLC increased its position in shares of Adobe by 7.7% in the 4th quarter. Nemes Rush Group LLC now owns 2,463 shares of the software company’s stock valued at $1,095,000 after buying an additional 177 shares in the last quarter. National Bank of Canada FI raised its stake in Adobe by 33.5% during the 4th quarter. National Bank of Canada FI now owns 529,680 shares of the software company’s stock worth $235,571,000 after buying an additional 132,930 shares during the period. Riggs Capital Management LLC bought a new position in Adobe during the fourth quarter worth about $345,000. Finally, Rodgers Brothers Inc. grew its stake in Adobe by 34.7% in the fourth quarter. Rodgers Brothers Inc. now owns 5,590 shares of the software company’s stock valued at $2,486,000 after acquiring an additional 1,440 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research analyst reports. Mizuho dropped their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Oppenheimer cut their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Summit Redstone set a $410.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Finally, Jefferies Financial Group dropped their price target on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $531.54.

Adobe Price Performance

NASDAQ:ADBE opened at $383.20 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75. The stock’s 50 day moving average price is $429.81 and its two-hundred day moving average price is $466.40. The firm has a market capitalization of $163.32 billion, a price-to-earnings ratio of 30.90, a P/E/G ratio of 2.15 and a beta of 1.37.

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

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.