GAMMA Investing LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

GAMMA Investing LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 46,806.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,990,767 shares of the software company's stock after purchasing an additional 2,984,391 shares during the quarter. GAMMA Investing LLC owned 0.70% of Adobe worth $1,147,049,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ADBE. Eastover Investment Advisors LLC boosted its stake in shares of Adobe by 4.2% during the 1st quarter. Eastover Investment Advisors LLC now owns 3,698 shares of the software company's stock worth $1,418,000 after acquiring an additional 150 shares in the last quarter. Howard Financial Services LTD. boosted its stake in shares of Adobe by 17.6% during the 1st quarter. Howard Financial Services LTD. now owns 575 shares of the software company's stock worth $221,000 after acquiring an additional 86 shares in the last quarter. Farmers Trust Co. boosted its stake in shares of Adobe by 3.6% during the 1st quarter. Farmers Trust Co. now owns 11,818 shares of the software company's stock worth $4,533,000 after acquiring an additional 409 shares in the last quarter. Sage Capital Advisors llc boosted its stake in shares of Adobe by 0.7% during the 1st quarter. Sage Capital Advisors llc now owns 5,904 shares of the software company's stock worth $2,264,000 after acquiring an additional 39 shares in the last quarter. Finally, Legacy Private Trust Co. boosted its stake in shares of Adobe by 26.4% during the 1st quarter. Legacy Private Trust Co. now owns 7,381 shares of the software company's stock worth $2,831,000 after acquiring an additional 1,541 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.16% of the stock is owned by company insiders.

Adobe Stock Up 1.8%

Shares of ADBE traded up $7.22 during midday trading on Tuesday, reaching $410.62. The stock had a trading volume of 876,712 shares, compared to its average volume of 3,415,137. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company's fifty day simple moving average is $379.21 and its two-hundred day simple moving average is $426.57. The company has a market cap of $175.01 billion, a price-to-earnings ratio of 33.11, a PEG ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the business earned $4.48 EPS. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Stifel Nicolaus reduced their price target on shares of Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Redburn Atlantic assumed coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating for the company. Mizuho reduced their price target on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Royal Bank of Canada cut their price objective on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Finally, UBS Group cut their price objective on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $502.88.

Adobe 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.