MGO One Seven LLC Acquires 791 Shares of Adobe Inc. (NASDAQ:ADBE)

MGO One Seven LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,193 shares of the software company's stock after buying an additional 791 shares during the quarter. MGO One Seven LLC's holdings in Adobe were worth $3,199,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADBE. Decker Retirement Planning Inc. bought a new position in shares of Adobe in the fourth quarter worth $31,000. Summit Securities Group LLC bought a new position in Adobe in the 4th quarter worth about $31,000. Caitlin John LLC raised its holdings in shares of Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after acquiring an additional 48 shares in the last quarter. Avion Wealth boosted its position in shares of Adobe by 112.2% during the 4th quarter. Avion Wealth now owns 87 shares of the software company's stock valued at $38,000 after acquiring an additional 46 shares during the last quarter. Finally, Mascoma Wealth Management LLC grew its holdings in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after purchasing an additional 50 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADBE. Redburn Atlantic initiated coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating on the stock. Stifel Nicolaus lowered their price objective on shares of Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Robert W. Baird cut their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Evercore ISI cut their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Eleven investment 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 company. Based on data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target of $502.88.

Adobe Stock Performance

Adobe stock opened at $351.96 on Thursday. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock has a market cap of $150.01 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 2.15 and a beta of 1.49. The stock's 50 day simple moving average is $396.80 and its two-hundred day simple moving average is $447.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the firm earned $4.48 earnings per share. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction on Thursday, March 20th. The stock was acquired at an average price 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last three months. Company insiders own 0.16% of the company's stock.

Adobe Company Profile

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.

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