May Hill Capital LLC Makes New $780,000 Investment in Adobe Inc. (NASDAQ:ADBE)

May Hill Capital LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,755 shares of the software company’s stock, valued at approximately $780,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Adobe in the fourth quarter valued at about $2,553,035,000. Proficio Capital Partners LLC grew its position in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after purchasing an additional 952,233 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Adobe in the fourth quarter valued at $243,827,000. Finally, Assenagon Asset Management S.A. grew its position in Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADBE has been the subject of a number of research analyst reports. Evercore ISI reduced their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Wells Fargo & Company reduced their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Bank of America decreased their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Finally, Robert W. Baird reduced their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $531.54.

Adobe Stock Down 0.6 %

Shares of NASDAQ ADBE opened at $383.53 on Tuesday. 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 $163.46 billion, a P/E ratio of 30.93, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The business has a 50-day simple moving average of $430.88 and a two-hundred day simple moving average of $467.49.

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. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the business earned $4.48 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 334 shares of the stock in a transaction 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 owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock worth $2,191,826. 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.