Broyhill Asset Management Takes $297,000 Position in Adobe Inc. (NASDAQ:ADBE)

Broyhill Asset Management bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 667 shares of the software company’s stock, valued at approximately $297,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Decker Retirement Planning Inc. bought a new stake in shares of Adobe in the fourth quarter worth $31,000. Summit Securities Group LLC acquired a new position in Adobe during the 4th quarter worth about $31,000. Caitlin John LLC grew its position in shares of Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after buying an additional 48 shares during the last quarter. Mascoma Wealth Management LLC grew its position in shares of Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after buying an additional 50 shares during the last quarter. Finally, LFA Lugano Financial Advisors SA acquired a new stake in shares of Adobe in the fourth quarter valued at about $38,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of Adobe stock opened at $352.47 on Monday. Adobe Inc. has a 52 week low of $332.01 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. The business has a 50 day moving average price of $413.00 and a 200-day moving average price of $455.28. The company has a market cap of $150.22 billion, a PE ratio of 28.43, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last released 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 analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the firm posted $4.48 EPS. Equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several analyst reports. Stifel Nicolaus reduced their target price on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. BMO Capital Markets dropped their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. Royal Bank of Canada restated an “outperform” rating and issued a $530.00 target price on shares of Adobe in a report on Wednesday, March 19th. Finally, Morgan Stanley decreased their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $527.12.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by insiders.

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.