Glassy Mountain Advisors Inc. Purchases 194 Shares of Adobe Inc. (NASDAQ:ADBE)

Glassy Mountain Advisors Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,625 shares of the software company’s stock after purchasing an additional 194 shares during the period. Adobe comprises about 1.9% of Glassy Mountain Advisors Inc.’s investment portfolio, making the stock its 20th largest position. Glassy Mountain Advisors Inc.’s holdings in Adobe were worth $5,614,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Onyx Bridge Wealth Group LLC boosted its holdings in Adobe by 4.0% in 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 in the last quarter. Connable Office Inc. boosted its holdings in Adobe by 0.5% in 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 in the last quarter. 1ST Source Bank boosted its holdings in Adobe by 0.7% in 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 in the last quarter. James J. Burns & Company LLC boosted its holdings in Adobe by 5.6% in 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 in the last quarter. Finally, Holistic Financial Partners boosted its holdings in Adobe by 6.0% in 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 in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Down 0.5 %

NASDAQ ADBE opened at $435.40 on Friday. The stock’s 50-day simple moving average is $457.14 and its two-hundred day simple moving average is $500.93. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $628.07. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $189.53 billion, a price-to-earnings ratio of 35.11, a PEG ratio of 2.12 and a beta of 1.31.

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

Analysts Set New Price Targets

ADBE has been the subject of several analyst reports. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. Jefferies Financial Group lowered their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Insider Transactions at Adobe

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

Adobe Company 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.