CenterBook Partners LP Makes New $531,000 Investment in Adobe Inc. (NASDAQ:ADBE)

CenterBook Partners LP bought a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,193 shares of the software company’s stock, valued at approximately $531,000.

Several other institutional investors and hedge funds have also modified their holdings of ADBE. Decker Retirement Planning Inc. acquired a new position in Adobe in the fourth quarter worth $31,000. Summit Securities Group LLC bought a new position in shares of Adobe in the fourth quarter valued at about $31,000. Caitlin John LLC lifted its position in Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after buying an additional 48 shares in the last quarter. Mascoma Wealth Management LLC grew its holdings in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after acquiring an additional 50 shares during the last quarter. Finally, LFA Lugano Financial Advisors SA acquired a new stake in Adobe in the 4th quarter valued at about $38,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the topic of several research analyst reports. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Oppenheimer decreased their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Morgan Stanley decreased their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Wells Fargo & Company dropped their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $527.12.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction 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 completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 in the last 90 days. 0.16% of the stock is currently owned by company insiders.

Adobe Price Performance

NASDAQ ADBE opened at $352.47 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $150.22 billion, a price-to-earnings ratio of 28.43, a PEG ratio of 2.15 and a beta of 1.49. The business has a 50 day simple moving average of $413.00 and a 200 day simple moving average of $455.70. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate 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 firm earned $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.