Gallacher Capital Management LLC Has $237,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Gallacher Capital Management LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 534 shares of the software company’s stock after purchasing an additional 33 shares during the quarter. Gallacher Capital Management LLC’s holdings in Adobe were worth $237,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $26,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the 3rd quarter valued at $30,000. True Wealth Design LLC raised its stake in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. Briaud Financial Planning Inc acquired a new position in shares of Adobe in the 3rd quarter valued at $36,000. Finally, Decker Retirement Planning Inc. acquired a new position in shares of Adobe in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 4.5 %

Shares of NASDAQ ADBE opened at $394.74 on Monday. The firm has a market capitalization of $171.87 billion, a PE ratio of 31.83, 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. The firm’s 50-day moving average is $437.03 and its 200-day moving average is $481.50.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm earned $4.48 EPS. Equities analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Evercore ISI dropped their target price on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday. Citigroup dropped their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Wells Fargo & Company dropped their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Finally, Oppenheimer dropped their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $540.60.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the 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 $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, valued at $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 have sold 5,075 shares of company stock worth $2,191,826 in the last ninety days. Company insiders own 0.16% 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.