GAMMA Investing LLC Invests $1.33 Million in Adobe Inc. (NASDAQ:ADBE)

GAMMA Investing LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 2,159 shares of the software company's stock, valued at approximately $1,334,000.

Several other large investors also recently modified their holdings of ADBE. Concentrum Wealth Management grew its holdings in shares of Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company's stock worth $1,102,207,000 after purchasing an additional 2,148,978 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Adobe in the fourth quarter valued at about $875,592,000. Invesco Ltd. boosted its stake in Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company's stock valued at $2,263,347,000 after buying an additional 889,607 shares in the last quarter. Jennison Associates LLC boosted its stake in Adobe by 12.3% in the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company's stock valued at $2,326,092,000 after buying an additional 498,957 shares in the last quarter. Finally, Alkeon Capital Management LLC acquired a new stake in Adobe in the third quarter valued at about $152,970,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. KeyCorp assumed coverage on Adobe in a research note on Thursday, March 21st. They issued an "underweight" rating and a $445.00 price objective on the stock. JMP Securities reissued a "market perform" rating on shares of Adobe in a research note on Thursday, March 28th. Evercore ISI reissued an "outperform" rating and set a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Barclays cut their price target on Adobe from $700.00 to $630.00 and set an "overweight" rating on the stock in a research note on Friday, March 15th. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $620.72.

Adobe Stock Up 1.3 %

Adobe stock traded up $6.01 during mid-day trading on Tuesday, reaching $472.90. The stock had a trading volume of 2,200,448 shares, compared to its average volume of 3,540,307. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock's 50-day simple moving average is $524.19 and its 200-day simple moving average is $566.33. The firm has a market capitalization of $211.86 billion, a PE ratio of 44.88, a price-to-earnings-growth ratio of 2.52 and a beta of 1.28.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts' consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to analysts' expectations of $5.14 billion. During the same quarter last year, the firm posted $2.97 earnings per share. The company's revenue for the quarter was up 11.3% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has authorized a share repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm's stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company's stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the business's stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the business's stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,175 shares of company stock valued at $1,895,518. Company insiders own 0.15% of the company's stock.

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.

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