Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Bridgefront Capital LLC

by · The Cerbat Gem

Bridgefront Capital LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 46.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,882 shares of the software company’s stock after purchasing an additional 599 shares during the quarter. Bridgefront Capital LLC’s holdings in Adobe were worth $837,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after acquiring an additional 151,286 shares during the period. Norges Bank acquired a new stake in Adobe during the 4th quarter worth about $2,553,035,000. Northern Trust Corp lifted its holdings in shares of Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock valued at $2,363,125,000 after buying an additional 672,919 shares during the period. Edgewood Management LLC boosted its stake in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after buying an additional 696,172 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Adobe by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after acquiring an additional 92,458 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.7 %

Shares of NASDAQ ADBE opened at $380.87 on Monday. 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 $162.33 billion, a P/E ratio of 30.72, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a 50 day simple moving average of $385.41 and a 200-day simple moving average of $440.18. 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 – Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the business earned $4.48 earnings per share. On average, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on ADBE. Evercore ISI decreased their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Citigroup cut their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Finally, Piper Sandler reduced their price target on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $502.88.

Read Our Latest Research Report on ADBE

Adobe Profile

(Free Report)

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.

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