Magnetar Financial LLC Purchases 166 Shares of Adobe Inc. (NASDAQ:ADBE)

Magnetar Financial LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 29.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 729 shares of the software company’s stock after acquiring an additional 166 shares during the period. Magnetar Financial LLC’s holdings in Adobe were worth $324,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after acquiring an additional 234,909 shares during the period. Geode Capital Management LLC increased its stake in Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after acquiring an additional 147,981 shares during the period. FMR LLC grew its stake in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Fisher Asset Management LLC grew its stake in shares of Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after purchasing an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Adobe by 3.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after purchasing an additional 140,390 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ADBE shares. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. Piper Sandler lowered their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, Evercore ISI reduced their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Stock Performance

ADBE stock opened at $387.26 on Friday. The business’s fifty day moving average is $434.16 and its 200-day moving average is $475.80. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $168.62 billion, a P/E ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the company earned $4.48 EPS. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last quarter. 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.