Select Equity Group L.P. Buys 150,447 Shares of Adobe Inc. (NASDAQ:ADBE)

Select Equity Group L.P. grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 177.8% during the fourth quarter, HoldingsChannel reports. The firm owned 235,068 shares of the software company’s stock after purchasing an additional 150,447 shares during the quarter. Select Equity Group L.P.’s holdings in Adobe were worth $104,530,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Siemens Fonds Invest GmbH boosted its stake in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares in the last quarter. Decker Retirement Planning Inc. bought a new stake in Adobe during the fourth quarter worth about $31,000. Summit Securities Group LLC bought a new stake in Adobe during the fourth quarter worth about $31,000. Caitlin John LLC boosted its stake in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after acquiring an additional 48 shares in the last quarter. Finally, Avion Wealth boosted its stake in Adobe by 112.2% during the fourth quarter. Avion Wealth now owns 87 shares of the software company’s stock worth $38,000 after acquiring an additional 46 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 3.1%

ADBE opened at $417.13 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a market capitalization of $177.78 billion, a PE ratio of 33.64, a PEG ratio of 2.15 and a beta of 1.55. The firm’s 50 day simple moving average is $375.68 and its two-hundred day simple moving average is $434.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the firm earned $4.48 earnings per share. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Redburn Atlantic assumed coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Mizuho dropped their price objective on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Bank of America dropped their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Finally, Oppenheimer dropped their target price 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. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $502.88.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.16% of the company’s stock.

Adobe 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.