Oppenheimer & Co. Inc. Purchases 2,104 Shares of Adobe Inc. (NASDAQ:ADBE)

Oppenheimer & Co. Inc. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,875 shares of the software company's stock after acquiring an additional 2,104 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Adobe were worth $13,729,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC bought a new stake in Adobe during the 3rd quarter worth about $26,000. Groupama Asset Managment grew its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock worth $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe during the 3rd quarter worth about $30,000. True Wealth Design LLC grew 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 acquiring an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. bought a new stake in Adobe during the 4th quarter worth about $31,000. Institutional investors own 81.79% of the company's stock.

Adobe Stock Up 0.3 %

ADBE stock traded up $1.30 during mid-day trading on Friday, hitting $438.49. 3,936,248 shares of the company were exchanged, compared to its average volume of 3,474,121. 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 $190.87 billion, a P/E ratio of 35.36, a P/E/G ratio of 2.15 and a beta of 1.31. The firm's 50 day simple moving average is $439.71 and its 200 day simple moving average is $490.93. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business's quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the company posted $3.52 EPS. On average, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,681 shares of company stock worth $2,525,126. Company insiders own 0.15% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent research reports. BNP Paribas raised shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price on the stock in a research note on Wednesday, January 15th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Thursday, December 12th. Piper Sandler reduced their target price on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $590.00 target price on shares of Adobe in a research note on Thursday, February 13th. Finally, Bank of America reduced their target price on shares of Adobe from $640.00 to $605.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Adobe has an average rating of "Moderate Buy" and a consensus target price of $570.88.

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.