Glass Wealth Management Co LLC Purchases 283 Shares of Adobe Inc. (NASDAQ:ADBE)

Glass Wealth Management Co LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,655 shares of the software company’s stock after buying an additional 283 shares during the period. Adobe comprises approximately 1.6% of Glass Wealth Management Co LLC’s holdings, making the stock its 23rd largest position. Glass Wealth Management Co LLC’s holdings in Adobe were worth $2,928,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Piscataqua Savings Bank lifted its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $33,000. Highline Wealth Partners LLC bought a new stake in shares of Adobe in the 3rd quarter valued at $38,000. Lynx Investment Advisory acquired a new position in shares of Adobe during the 2nd quarter valued at $39,000. Finally, Hobbs Group Advisors LLC bought a new position in Adobe during the second quarter worth $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 over the last ninety days. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

ADBE opened at $503.37 on Monday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a 50-day moving average of $509.79 and a 200 day moving average of $518.69. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $221.58 billion, a P/E ratio of 42.51, a PEG ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.26 EPS. On average, research analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research reports. Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Bank of America reiterated a “buy” rating and issued a $640.00 price target on shares of Adobe in a report on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Finally, Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.