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

Gallacher Capital Management LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 534 shares of the software company’s stock after acquiring an additional 33 shares during the quarter. Gallacher Capital Management LLC’s holdings in Adobe were worth $237,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nordea Investment Management AB raised its holdings in shares of Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after purchasing an additional 570 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after purchasing an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after purchasing an additional 78,384 shares during the last quarter. Finally, Morse Asset Management Inc raised its holdings in shares of Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 4.5 %

ADBE stock opened at $394.74 on Monday. The company has a market cap 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 business has a 50-day simple moving average of $437.03 and a 200 day simple moving average of $481.50. Adobe Inc. has a 52 week low of $374.50 and a 52 week 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.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate 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 previous year, the firm earned $4.48 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on ADBE shares. BMO Capital Markets lowered their price objective on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a report on Thursday. Sanford C. Bernstein decreased their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Oppenheimer decreased their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a research note on Thursday. DA Davidson decreased their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Bank of America decreased their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $540.60.

Insider Activity at Adobe

In other Adobe news, Director David A. Ricks bought 2,250 shares of the stock in a transaction on Tuesday, January 28th. The stock was 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 $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s 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 directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is owned by corporate 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.