OFI Invest Asset Management Invests $5.65 Million in Adobe Inc. (NASDAQ:ADBE)

OFI Invest Asset Management purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 13,149 shares of the software company's stock, valued at approximately $5,647,000.

Several other hedge funds also recently modified their holdings of ADBE. Legacy Investment Solutions LLC bought a new position in shares of Adobe during the third quarter valued at $26,000. Groupama Asset Managment increased its holdings in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock valued at $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Adobe during the 3rd quarter worth $30,000. True Wealth Design LLC lifted its holdings in Adobe by 141.7% during 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 during the period. Finally, Decker Retirement Planning Inc. bought a new stake in shares of Adobe in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Up 1.1 %

NASDAQ:ADBE traded up $4.94 during trading hours on Wednesday, hitting $438.60. 5,399,889 shares of the company traded hands, compared to its average volume of 3,439,278. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap of $190.97 billion, a PE ratio of 35.37, a PEG ratio of 2.15 and a beta of 1.37. The firm's 50-day simple moving average is $439.13 and its 200-day simple moving average is $484.86. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75.

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Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts' consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm's revenue was up 11.1% on a year-over-year basis. During the same period last year, the firm earned $3.52 earnings per share. Equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. DA Davidson dropped their price target on shares of Adobe from $685.00 to $625.00 and set a "buy" rating on the stock in a research report on Thursday, December 12th. Barclays reduced their price objective on shares of Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. Piper Sandler lowered their target price on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a research note on Thursday, December 12th. Finally, TD Cowen cut shares of Adobe from a "buy" rating to a "hold" rating and cut their price target for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $563.96.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 922 shares of the company's 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 transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks bought 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 in the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

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.