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

Broadway Wealth Solutions Inc. boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 14.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 662 shares of the software company’s stock after acquiring an additional 86 shares during the period. Broadway Wealth Solutions Inc.’s holdings in Adobe were worth $254,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH raised its position in 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 acquiring an additional 39,888 shares during the period. SWAN Capital LLC bought a new stake in Adobe in the fourth quarter worth about $28,000. Copia Wealth Management bought a new stake in Adobe in the fourth quarter worth about $28,000. Summit Securities Group LLC bought a new stake in Adobe in the fourth quarter worth about $31,000. Finally, Bernard Wealth Management Corp. bought a new stake in Adobe in the fourth quarter worth about $36,000. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is currently owned by insiders.

Adobe Stock Up 0.4%

ADBE opened at $416.92 on Friday. The company has a fifty day moving average price of $381.41 and a 200-day moving average price of $424.72. The firm has a market capitalization of $177.69 billion, a P/E ratio of 33.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. 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 one year low of $332.01 and a one year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm posted $4.48 EPS. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ADBE. Wells Fargo & Company lowered their price target on shares of Adobe from $600.00 to $430.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Evercore ISI reduced their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. DA Davidson reduced their price objective on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Morgan Stanley reduced their price objective on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe 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.