Broadway Wealth Solutions Inc. Acquires 86 Shares of Adobe Inc. (NASDAQ:ADBE)

Broadway Wealth Solutions Inc. raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 14.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 662 shares of the software company’s stock after purchasing an additional 86 shares during the period. Broadway Wealth Solutions Inc.’s holdings in Adobe were worth $254,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Siemens Fonds Invest GmbH lifted its holdings in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares during the period. SWAN Capital LLC bought a new stake in shares of Adobe during the 4th quarter worth approximately $28,000. Copia Wealth Management bought a new stake in shares of Adobe during the 4th quarter worth approximately $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Adobe during the 4th quarter worth approximately $36,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ADBE. Summit Redstone set a $410.00 price target on shares of Adobe in a report on Wednesday, March 19th. Robert W. Baird dropped their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Redburn Atlantic assumed coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Citigroup dropped their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Finally, KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Stock Up 0.4%

Adobe stock opened at $416.92 on Friday. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a market capitalization of $177.69 billion, a price-to-earnings ratio of 33.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm’s fifty day moving average price is $381.41 and its two-hundred day moving average price is $424.72. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the firm earned $4.48 earnings per share. On average, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.16% of the stock is owned by insiders.

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.