Global Assets Advisory LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Global Assets Advisory LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 596 shares of the software company’s stock, valued at approximately $217,000.

A number of other institutional investors and hedge funds also recently modified their holdings of ADBE. Copia Wealth Management bought a new position in shares of Adobe during the fourth quarter worth about $28,000. SWAN Capital LLC bought a new position in shares of Adobe during the fourth quarter worth about $28,000. Summit Securities Group LLC bought a new position in shares of Adobe during the fourth quarter worth about $31,000. Bernard Wealth Management Corp. bought a new position in shares of Adobe during the fourth quarter worth about $36,000. Finally, Mascoma Wealth Management LLC grew its position in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after acquiring an additional 50 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ:ADBE opened at $384.95 on Friday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The company has a 50-day moving average of $392.49 and a 200-day moving average of $412.76. The firm has a market cap of $164.07 billion, a price-to-earnings ratio of 24.63, a price-to-earnings-growth ratio of 1.84 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the firm posted $4.48 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of several recent research reports. Morgan Stanley lowered their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Bank of America increased their target price on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday, June 13th. Phillip Securities upgraded shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday, June 16th. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Robert W. Baird increased their target price on shares of Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research report on Monday, June 16th. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $496.75.

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.