Hager Investment Management Services LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Hager Investment Management Services LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 723 shares of the software company’s stock, valued at approximately $322,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the third quarter valued at about $26,000. Groupama Asset Managment grew its stake in shares of 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 acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the third quarter valued at about $30,000. Finally, True Wealth Design LLC grew its stake in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other Adobe news, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Oppenheimer decreased their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. BMO Capital Markets reduced their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Citigroup reduced their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Finally, Sanford C. Bernstein reduced their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Price Performance

ADBE opened at $440.23 on Wednesday. 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 company has a market capitalization of $191.63 billion, a price-to-earnings ratio of 35.50, a P/E/G ratio of 2.12 and a beta of 1.31. The firm’s fifty day moving average price is $460.36 and its two-hundred day moving average price is $502.16. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $634.59.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.52 EPS. As a group, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.