ZEGA Investments LLC Invests $920,000 in Adobe Inc. (NASDAQ:ADBE)

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

A number of other large investors have also bought and sold shares of ADBE. 1ST Source Bank grew its holdings in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the last quarter. Foster Group Inc. grew its holdings in Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after acquiring an additional 23 shares during the last quarter. Atlantic Edge Private Wealth Management LLC increased its position in Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after acquiring an additional 23 shares in the last quarter. Veery Capital LLC raised its stake in shares of Adobe by 1.9% in the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock worth $585,000 after acquiring an additional 24 shares during the last quarter. Finally, Cornerstone Wealth Management LLC lifted its position in shares of Adobe by 1.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock worth $590,000 after purchasing an additional 24 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 0.6 %

Shares of ADBE stock opened at $387.26 on Friday. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a fifty day moving average of $434.16 and a 200-day moving average of $476.46. The company has a market capitalization of $168.62 billion, a price-to-earnings ratio of 31.23, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company earned $4.48 EPS. As a group, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Morgan Stanley dropped their price objective on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. UBS Group set a $495.00 target price on Adobe in a research report on Thursday, March 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. DA Davidson cut their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday. Eleven 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. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $538.80.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by insiders.

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.