Glass Wealth Management Co LLC Has $2.93 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Glass Wealth Management Co LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,655 shares of the software company’s stock after buying an additional 283 shares during the period. Adobe accounts for about 1.6% of Glass Wealth Management Co LLC’s portfolio, making the stock its 23rd biggest holding. Glass Wealth Management Co LLC’s holdings in Adobe were worth $2,928,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. The trade was a 7.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein cut their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Down 5.0 %

Shares of NASDAQ:ADBE opened at $503.37 on Monday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a market capitalization of $221.58 billion, a PE ratio of 42.51, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. 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 company has a fifty day moving average of $509.79 and a 200-day moving average of $518.69.

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

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.