Duquesne Family Office LLC Takes $20.38 Million Position in Adobe Inc. (NASDAQ:ADBE)

Duquesne Family Office LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 36,685 shares of the software company’s stock, valued at approximately $20,380,000. Adobe accounts for about 0.7% of Duquesne Family Office LLC’s holdings, making the stock its 28th biggest position.

Other hedge funds have also recently modified their holdings of the company. Steph & Co. lifted its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. International Assets Investment Management LLC raised its holdings in Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares in the last quarter. Choreo LLC raised its holdings in Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after purchasing an additional 197 shares in the last quarter. Fairscale Capital LLC acquired a new stake in Adobe in the second quarter valued at about $1,318,000. Finally, Eagle Asset Management Inc. boosted its holdings in Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after purchasing an additional 3,120 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 1.2 %

ADBE stock opened at $517.90 on Thursday. The company has a 50 day moving average price of $547.57 and a two-hundred day moving average price of $517.98. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. The stock has a market capitalization of $229.64 billion, a P/E ratio of 46.53, a PEG ratio of 2.72 and a beta of 1.29. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the firm posted $3.26 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 14.79 EPS for the current year.

Insider Buying and Selling

In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,759 shares of company stock valued at $4,603,153. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Friday, September 13th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research report on Monday, June 10th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Finally, Wells Fargo & Company increased their target price on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.