ZEGA Investments LLC Purchases Shares of 2,114 Adobe Inc. (NASDAQ:ADBE)

ZEGA Investments LLC acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,114 shares of the software company’s stock, valued at approximately $920,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Legacy Investment Solutions LLC bought a new position in Adobe during the third quarter worth about $26,000. Groupama Asset Managment boosted its stake in shares of 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 period. True Wealth Design LLC increased its holdings in shares of 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. Decker Retirement Planning Inc. bought a new stake in Adobe in the 4th quarter valued at $31,000. Finally, Caitlin John LLC raised its stake in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after acquiring an additional 48 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of Adobe stock opened at $387.26 on Friday. The company has a 50 day moving average of $434.16 and a 200-day moving average of $476.46. The company has a market cap of $168.62 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. 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 1-year low of $374.50 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last issued its earnings results 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 return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the business posted $4.48 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the firm’s 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 approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on 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 $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 5,075 shares of company stock valued at $2,191,826 over the last ninety days. 0.16% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have commented on ADBE. Oppenheimer decreased their price objective on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and decreased their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Robert W. Baird cut their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research report on Wednesday. Citigroup decreased their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Finally, Mizuho dropped their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $538.80.

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.