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

Glassy Mountain Advisors Inc. lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 1.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,625 shares of the software company’s stock after purchasing an additional 194 shares during the quarter. Adobe comprises approximately 1.9% of Glassy Mountain Advisors Inc.’s holdings, making the stock its 20th largest position. Glassy Mountain Advisors Inc.’s holdings in Adobe were worth $5,614,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Telos Capital Management Inc. bought a new stake in shares of Adobe in the 4th quarter worth approximately $3,754,000. Oakworth Capital Inc. boosted its position in shares of Adobe by 9.4% in the 4th quarter. Oakworth Capital Inc. now owns 1,142 shares of the software company’s stock worth $508,000 after purchasing an additional 98 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Adobe by 7.8% in the 4th quarter. State of Alaska Department of Revenue now owns 63,097 shares of the software company’s stock worth $28,057,000 after purchasing an additional 4,547 shares in the last quarter. Caitlin John LLC boosted 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 worth $34,000 after purchasing an additional 48 shares in the last quarter. Finally, YANKCOM Partnership bought a new stake in shares of Adobe in the 4th quarter worth approximately $496,000. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on ADBE shares. Wells Fargo & Company dropped their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Barclays lowered their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Bank of America lowered their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada lowered their price objective on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, Sanford C. Bernstein lowered their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Performance

Adobe stock opened at $435.40 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $628.07. The firm has a market capitalization of $189.53 billion, a P/E ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The company’s 50-day moving average is $457.14 and its 200 day moving average is $500.93.

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

Insider Transactions at Adobe

In other Adobe news, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by company 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.