Kane Investment Management Inc. Acquires New Holdings in Adobe Inc. (NASDAQ:ADBE)

Kane Investment Management Inc. bought a new position in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,163 shares of the software company’s stock, valued at approximately $1,407,000. Adobe comprises about 0.8% of Kane Investment Management Inc.’s investment portfolio, making the stock its 29th largest position.

Several other large investors also recently made changes to their positions in the company. Norges Bank acquired a new position in Adobe during the 4th quarter valued at about $2,553,035,000. Proficio Capital Partners LLC boosted its holdings in shares of Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after acquiring an additional 952,233 shares during the period. FIL Ltd lifted its position in Adobe by 130.9% in the fourth quarter. FIL Ltd now owns 1,288,599 shares of the software company’s stock worth $573,014,000 after purchasing an additional 730,520 shares during the period. Finally, Edgewood Management LLC boosted its stake in Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were 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. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 over the last quarter. Insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of a number of research analyst reports. UBS Group lowered their target price on Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a report on Friday. Bank of America lowered their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Robert W. Baird decreased their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Finally, Mizuho cut their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $518.46.

Adobe Price Performance

Shares of ADBE opened at $350.91 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $149.56 billion, a PE ratio of 28.30, a PEG ratio of 2.15 and a beta of 1.49. The firm’s 50 day moving average price is $411.27 and its 200 day moving average price is $454.13. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm earned $4.48 EPS. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.