Global Trust Asset Management LLC Sells 290 Shares of Adobe Inc. (NASDAQ:ADBE)

Global Trust Asset Management LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 31.0% during the 1st quarter, Holdings Channel reports. The fund owned 644 shares of the software company’s stock after selling 290 shares during the period. Global Trust Asset Management LLC’s holdings in Adobe were worth $247,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Siemens Fonds Invest GmbH raised its stake in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC purchased a new stake in shares of Adobe in the fourth quarter worth approximately $28,000. Copia Wealth Management purchased a new stake in shares of Adobe in the fourth quarter worth approximately $28,000. Summit Securities Group LLC purchased a new stake in shares of Adobe in the fourth quarter worth approximately $31,000. Finally, Bernard Wealth Management Corp. purchased a new stake in shares of Adobe in the fourth quarter worth approximately $36,000. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ:ADBE opened at $401.73 on Tuesday. The firm has a market capitalization of $171.22 billion, a price-to-earnings ratio of 32.40, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a fifty day moving average of $388.00 and a 200 day moving average of $419.64. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Insider Activity at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ADBE shares. Stifel Nicolaus lowered their price objective on Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research note on Friday. Bank of America increased their price target on Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday. Robert W. Baird increased their price target on Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research report on Monday. Oppenheimer decreased their price target on Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday. Finally, KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $494.67.

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.