Global Assets Advisory LLC Takes $217,000 Position in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Global Assets Advisory LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE – Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 596 shares of the software company’s stock, valued at approximately $217,000.

Other institutional investors have also recently bought and sold shares of the company. Garde Capital Inc. purchased a new stake in Adobe in the first quarter valued at approximately $34,000. Arizona State Retirement System grew its holdings in 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 period. Burling Wealth Partners LLC purchased a new stake in Adobe in the fourth quarter valued at approximately $1,173,000. Sound Income Strategies LLC grew its holdings in Adobe by 17.6% in the first quarter. Sound Income Strategies LLC now owns 308 shares of the software company’s stock valued at $118,000 after purchasing an additional 46 shares during the period. Finally, Horan Capital Advisors LLC. grew its holdings in Adobe by 2.4% in the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock valued at $2,162,000 after purchasing an additional 114 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ADBE shares. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Monday. Stifel Nicolaus decreased their price objective on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research note on Friday, June 13th. Evercore ISI reiterated an “outperform” rating and set a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Oppenheimer decreased their price objective on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research note on Friday, June 13th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $496.75.

Read Our Latest Stock Report on Adobe

Adobe Trading Down 0.7%

ADBE opened at $384.95 on Friday. The stock has a market capitalization of $164.07 billion, a PE ratio of 24.63, a P/E/G ratio of 1.84 and a beta of 1.55. The firm’s fifty day moving average price is $392.49 and its 200 day moving average price is $412.76. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $4.48 earnings per share. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe Profile

(Free Report)

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.

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