Hager Investment Management Services LLC Takes Position in Adobe Inc. (NASDAQ:ADBE)

Hager Investment Management Services LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 723 shares of the software company’s stock, valued at approximately $322,000.

A number of other institutional investors have also modified their holdings of the stock. Onyx Bridge Wealth Group LLC raised its stake in Adobe by 4.0% during the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after acquiring an additional 20 shares during the period. Connable Office Inc. raised its stake in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after acquiring an additional 20 shares during the period. 1ST Source Bank raised its stake in 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 acquiring an additional 20 shares during the period. James J. Burns & Company LLC raised its stake in Adobe by 5.6% during the third quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after acquiring an additional 22 shares during the period. Finally, Holistic Financial Partners raised its stake in Adobe by 6.0% during the third quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after acquiring an additional 22 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 0.4 %

Shares of ADBE stock opened at $440.23 on Wednesday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $634.59. The company has a market capitalization of $191.63 billion, a P/E ratio of 35.50, a P/E/G ratio of 2.12 and a beta of 1.31. The firm has a 50-day moving average price of $460.36 and a 200 day moving average price of $502.16. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Analysts Set New Price Targets

Several research firms have commented on ADBE. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Mizuho decreased their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Piper Sandler decreased their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, Jefferies Financial Group decreased their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last quarter. 0.15% of the stock is owned by company insiders.

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.