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

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

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe during the fourth quarter valued at about $35,000. Hanseatic Management Services Inc. bought a new position in Adobe during the 3rd quarter valued at approximately $45,000. Vima LLC bought a new position in Adobe during the 4th quarter valued at approximately $55,000. Pineridge Advisors LLC purchased a new stake in Adobe in the 4th quarter worth approximately $60,000. Finally, Scarborough Advisors LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $61,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $533.44 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $238.98 billion, a PE ratio of 47.93, a price-to-earnings-growth ratio of 2.73 and a beta of 1.27. The firm’s 50 day moving average price is $478.58 and its 200-day moving average price is $537.22. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping 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 company’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the company posted $3.04 EPS. Equities research analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Adobe declared that its board has authorized a stock buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADBE. Mizuho reaffirmed a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Bank of America decreased their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Finally, HSBC decreased their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 3,270 shares of company stock worth $1,563,166 over the last quarter. 0.15% of the stock is currently owned by corporate 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.