Coatue Management LLC Has $166.02 Million Stake in Adobe Inc (ADBE)

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Coatue Management LLC reduced its stake in Adobe Inc (NASDAQ:ADBE) by 25.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 733,805 shares of the software company’s stock after selling 247,096 shares during the period. Adobe makes up about 2.0% of Coatue Management LLC’s holdings, making the stock its 19th largest holding. Coatue Management LLC’s holdings in Adobe were worth $166,016,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Ruggie Capital Group purchased a new stake in Adobe during the fourth quarter valued at about $33,000. Intercontinental Wealth Advisors LLC purchased a new stake in Adobe during the fourth quarter valued at about $41,000. Contravisory Investment Management Inc. raised its position in Adobe by 159.5% during the fourth quarter. Contravisory Investment Management Inc. now owns 205 shares of the software company’s stock valued at $46,000 after purchasing an additional 126 shares in the last quarter. Athena Capital Advisors LLC purchased a new stake in Adobe during the fourth quarter valued at about $76,000. Finally, ERTS Wealth Advisors LLC purchased a new stake in Adobe during the fourth quarter valued at about $88,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

ADBE opened at $260.42 on Wednesday. The stock has a market capitalization of $126.07 billion, a PE ratio of 46.92, a P/E/G ratio of 2.48 and a beta of 1.10. The company has a current ratio of 0.97, a quick ratio of 1.13 and a debt-to-equity ratio of 0.33. Adobe Inc has a 12 month low of $204.95 and a 12 month high of $277.61.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The company had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The firm’s quarterly revenue was up 24.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.55 EPS. On average, analysts predict that Adobe Inc will post 6.34 earnings per share for the current year.

A number of equities research analysts have weighed in on the company. Robert W. Baird raised their price target on Adobe from $290.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, March 15th. Zacks Investment Research upgraded Adobe from a “hold” rating to a “buy” rating and set a $286.00 price target on the stock in a research report on Thursday, December 6th. Cowen downgraded Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 price target on the stock. in a research report on Friday, February 15th. Pivotal Research restated a “hold” rating and set a $252.00 price target (down previously from $254.00) on shares of Adobe in a research report on Friday, December 14th. Finally, ValuEngine upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Tuesday, January 15th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $285.56.

In related news, EVP Matthew Thompson sold 41,560 shares of the firm’s stock in a transaction dated Monday, January 28th. The stock was sold at an average price of $245.23, for a total value of $10,191,758.80. Following the sale, the executive vice president now directly owns 63,087 shares of the company’s stock, valued at $15,470,825.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles M. Geschke sold 21,258 shares of the firm’s stock in a transaction dated Tuesday, January 8th. The stock was sold at an average price of $232.71, for a total value of $4,946,949.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 279,652 shares of company stock worth $68,399,122. Company insiders own 0.32% of the company’s stock.

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About Adobe

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 customer to download and access the latest versions of its creative products.

Further Reading: What is an SEC Filing?

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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