Krane Funds Advisors LLC Purchases Shares of 661 Adobe Inc. (NASDAQ:ADBE)

Krane Funds Advisors LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 661 shares of the software company’s stock, valued at approximately $294,000.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Adobe during the fourth quarter worth about $2,553,035,000. Proficio Capital Partners LLC increased its position in 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 purchasing an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares during the period. Edgewood Management LLC raised its position in shares of Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after acquiring an additional 696,172 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Adobe in the 4th quarter valued at about $243,827,000. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated 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 sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David A. Ricks acquired 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by company insiders.

Adobe Trading Down 5.0 %

Shares of ADBE stock opened at $349.07 on Monday. The company’s 50-day moving average price is $425.66 and its 200-day moving average price is $463.29. Adobe Inc. has a twelve month low of $333.36 and a twelve month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $148.77 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share 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 company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the company posted $4.48 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADBE. Morgan Stanley decreased their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Oppenheimer reduced their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. UBS Group set a $495.00 price objective on shares of Adobe in a report on Thursday, March 13th. Finally, Summit Redstone set a $410.00 price target on Adobe in a report on Wednesday, March 19th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $531.54.

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.