Adobe Inc. (NASDAQ:ADBE) Position Lifted by Two Creeks Capital Management LP

Two Creeks Capital Management LP lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 28.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 206,847 shares of the software company’s stock after buying an additional 46,316 shares during the period. Adobe makes up 5.6% of Two Creeks Capital Management LP’s portfolio, making the stock its 7th biggest position. Two Creeks Capital Management LP’s holdings in Adobe were worth $91,981,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of ADBE. Virtu Financial LLC bought a new stake in Adobe during the third quarter worth approximately $4,167,000. Morse Asset Management Inc grew its stake in Adobe by 32.6% in the third quarter. Morse Asset Management Inc now owns 8,494 shares of the software company’s stock valued at $4,398,000 after purchasing an additional 2,088 shares in the last quarter. Te Ahumairangi Investment Management Ltd increased its holdings in Adobe by 12.9% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company’s stock worth $2,294,000 after buying an additional 510 shares during the last quarter. Anchor Investment Management LLC lifted its stake in shares of Adobe by 1.6% in the 3rd quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company’s stock valued at $8,420,000 after purchasing an additional 255 shares during the last quarter. Finally, Pine Valley Investments Ltd Liability Co increased its holdings in shares of Adobe by 13.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company’s stock valued at $13,168,000 after acquiring an additional 3,071 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 1.9 %

ADBE opened at $349.91 on Wednesday. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market cap of $149.13 billion, a PE ratio of 28.22, a PEG ratio of 2.15 and a beta of 1.49. 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 business has a 50 day moving average of $398.97 and a 200-day moving average of $447.84.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the firm posted $4.48 EPS. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the subject of several research analyst reports. BMO Capital Markets cut their price objective on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Bank of America lowered their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Morgan Stanley cut their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Evercore ISI decreased their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, Royal Bank of Canada dropped their price objective on Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a report on Monday, April 14th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $506.73.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The transaction 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 shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last 90 days. 0.16% of the stock is currently owned by insiders.

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.