Discovery Capital Management LLC CT Buys 36,600 Shares of Adobe Inc. (NASDAQ:ADBE)

Discovery Capital Management LLC CT increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 147.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 61,500 shares of the software company’s stock after purchasing an additional 36,600 shares during the quarter. Adobe comprises 1.9% of Discovery Capital Management LLC CT’s holdings, making the stock its 19th biggest position. Discovery Capital Management LLC CT’s holdings in Adobe were worth $27,348,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. United Bank raised its stake in shares of Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after buying an additional 428 shares in the last quarter. Edgestream Partners L.P. bought a new stake in Adobe in the third quarter valued at about $719,000. Tradition Wealth Management LLC raised its position in Adobe by 2.8% in the third quarter. Tradition Wealth Management LLC now owns 2,646 shares of the software company’s stock worth $1,370,000 after purchasing an additional 73 shares in the last quarter. True Wealth Design LLC raised its holdings in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares in the last quarter. Finally, FSA Wealth Management LLC bought a new position in shares of Adobe during the third quarter valued at $81,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. UBS Group set a $495.00 price target on Adobe in a report on Thursday, March 13th. Oppenheimer reduced their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Finally, TD Cowen cut Adobe from a “buy” rating to a “hold” rating and lowered their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $531.54.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the 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 approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Adobe Trading Down 0.6 %

NASDAQ ADBE opened at $383.53 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock’s 50-day moving average is $430.88 and its 200-day moving average is $467.49. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The firm 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 (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm 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 period last year, the company posted $4.48 EPS. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share 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.