Stone Ridge Asset Management LLC Raises Position in Adobe Inc (ADBE)

Stone Ridge Asset Management LLC increased its position in shares of Adobe Inc (NASDAQ:ADBE) by 23.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 47,369 shares of the software company’s stock after buying an additional 9,000 shares during the quarter. Adobe accounts for about 0.7% of Stone Ridge Asset Management LLC’s portfolio, making the stock its 19th biggest holding. Stone Ridge Asset Management LLC’s holdings in Adobe were worth $12,786,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Signature Estate & Investment Advisors LLC bought a new position in Adobe in the second quarter valued at approximately $107,000. Psagot Investment House Ltd. bought a new position in Adobe in the third quarter valued at approximately $130,000. JNBA Financial Advisors grew its stake in Adobe by 4,366.7% in the third quarter. JNBA Financial Advisors now owns 536 shares of the software company’s stock valued at $145,000 after purchasing an additional 524 shares in the last quarter. Centaurus Financial Inc. bought a new position in Adobe in the second quarter valued at approximately $170,000. Finally, Mckinley Capital Management LLC Delaware bought a new position in Adobe in the second quarter valued at approximately $177,000. Institutional investors and hedge funds own 85.02% of the company’s stock.

Several research analysts have recently commented on the company. BidaskClub upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Saturday, August 25th. Zacks Investment Research downgraded Adobe from a “buy” rating to a “hold” rating in a research note on Monday. Citigroup lifted their target price on Adobe from $260.00 to $309.00 and gave the stock a “buy” rating in a research note on Friday, September 14th. Pivotal Research lifted their target price on Adobe from $235.00 to $254.00 and gave the stock a “hold” rating in a research note on Friday, September 14th. Finally, Jefferies Financial Group lifted their target price on Adobe to $315.00 and gave the stock a “buy” rating in a research note on Friday, September 14th. Eleven investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $271.00.

NASDAQ:ADBE traded up $4.37 during mid-day trading on Monday, hitting $255.26. 4,276,644 shares of the stock were exchanged, compared to its average volume of 3,148,338. The stock has a market cap of $122.47 billion, a P/E ratio of 71.10, a PEG ratio of 2.70 and a beta of 1.14. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.21. Adobe Inc has a fifty-two week low of $165.68 and a fifty-two week high of $277.61.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.69 by $0.04. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Adobe had a return on equity of 29.51% and a net margin of 28.16%. The firm’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period last year, the firm posted $1.10 EPS. As a group, sell-side analysts forecast that Adobe Inc will post 5.66 EPS for the current year.

In other Adobe news, EVP Bradley Rencher sold 12,000 shares of Adobe stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $245.30, for a total value of $2,943,600.00. Following the completion of the transaction, the executive vice president now directly owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Lewnes sold 2,910 shares of Adobe stock in a transaction on Wednesday, October 17th. The shares were sold at an average price of $261.21, for a total value of $760,121.10. Following the completion of the transaction, the executive vice president now directly owns 55,647 shares of the company’s stock, valued at $14,535,552.87. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,806 shares of company stock valued at $5,167,142. 0.33% of the stock is currently owned by insiders.

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Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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