QRG Capital Management Inc. Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

QRG Capital Management Inc. raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,446 shares of the software company’s stock after acquiring an additional 1,375 shares during the period. QRG Capital Management Inc.’s holdings in Adobe were worth $32,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Versor Investments LP raised its holdings in Adobe by 84.9% during the 4th quarter. Versor Investments LP now owns 5,135 shares of the software company’s stock valued at $2,283,000 after buying an additional 2,358 shares during the period. Crown Wealth Group LLC raised its holdings in Adobe by 5.6% during the 4th quarter. Crown Wealth Group LLC now owns 1,375 shares of the software company’s stock valued at $611,000 after buying an additional 73 shares during the period. Motiv8 Investments LLC raised its holdings in Adobe by 58.5% during the 4th quarter. Motiv8 Investments LLC now owns 2,335 shares of the software company’s stock valued at $1,038,000 after buying an additional 862 shares during the period. Alecta Tjanstepension Omsesidigt purchased a new stake in Adobe during the 4th quarter valued at $88,043,000. Finally, Proficio Capital Partners LLC raised its holdings in Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE stock opened at $441.50 on Thursday. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The stock’s 50-day moving average is $439.88 and its 200 day moving average is $492.27. The company has a market cap of $192.18 billion, a P/E ratio of 35.60, a PEG ratio of 2.15 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the business posted $3.52 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,681 shares of company stock worth $2,525,126. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several recent research reports. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a report on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Redburn Atlantic initiated coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Mizuho reduced their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, BMO Capital Markets reduced their target price on Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $570.88.

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.