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

OFI Invest Asset Management bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,149 shares of the software company’s stock, valued at approximately $5,647,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the third quarter worth approximately $26,000. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the 3rd quarter valued at $30,000. True Wealth Design LLC grew its holdings in Adobe by 141.7% in 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. Briaud Financial Planning Inc purchased a new position in shares of Adobe in the third quarter valued at about $36,000. Finally, Decker Retirement Planning Inc. bought a new position in shares of Adobe during the fourth quarter valued at about $31,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

ADBE stock opened at $449.40 on Friday. The stock’s 50 day simple moving average is $439.56 and its 200 day simple moving average is $487.15. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The stock has a market capitalization of $195.62 billion, a PE ratio of 36.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the firm posted $3.52 earnings per share. Adobe’s revenue was up 11.1% compared to the same quarter last year. As a group, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on ADBE shares. DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research report on Wednesday, January 15th. Jefferies Financial Group decreased their target price on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Citigroup dropped their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Finally, StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $567.81.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now 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 sold 5,075 shares of company stock worth $2,191,826 over the last three months. 0.15% of the stock is currently owned by company 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.