International Assets Investment Management LLC Purchases 398 Shares of Adobe Inc. (NASDAQ:ADBE)

International Assets Investment Management LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 16.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,858 shares of the software company’s stock after purchasing an additional 398 shares during the quarter. International Assets Investment Management LLC’s holdings in Adobe were worth $1,435,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe during the 4th quarter worth approximately $35,000. Hanseatic Management Services Inc. acquired a new stake in shares of Adobe in the 3rd quarter valued at $45,000. Vima LLC bought a new stake in shares of Adobe in the 4th quarter worth about $55,000. Pineridge Advisors LLC acquired a new stake in shares of Adobe during the 4th quarter worth about $60,000. Finally, Scarborough Advisors LLC bought a new position in Adobe during the 4th quarter valued at about $61,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $533.44 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The business has a 50 day simple moving average of $478.58 and a 200 day simple moving average of $537.22. The stock has a market cap of $238.98 billion, a price-to-earnings ratio of 47.93, a PEG ratio of 2.73 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.04 EPS. Analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe announced that its board has initiated a share buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. HSBC decreased their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. BMO Capital Markets lifted their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Finally, Barclays increased their price objective on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,270 shares of company stock valued at $1,563,166. 0.15% 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.