Brookwood Investment Group LLC Purchases Shares of 2,499 Adobe Inc. (NASDAQ:ADBE)

Brookwood Investment Group LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,499 shares of the software company's stock, valued at approximately $958,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sepio Capital LP grew its holdings in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after buying an additional 22 shares during the period. Cadence Bank grew its stake in shares of Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after buying an additional 22 shares during the period. Eagle Strategies LLC raised its position in shares of Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after buying an additional 22 shares during the period. RB Capital Management LLC boosted its holdings in Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after acquiring an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC grew its position in Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after acquiring an additional 23 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. BMO Capital Markets reaffirmed an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Piper Sandler dropped their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and lowered their target price for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Finally, Oppenheimer dropped their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $473.88.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $0.95 during trading hours on Friday, hitting $370.74. 2,052,034 shares of the company's stock were exchanged, compared to its average volume of 3,416,126. The company's 50-day moving average price is $391.01 and its 200-day moving average price is $400.84. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The stock has a market capitalization of $157.27 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 1.76 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $4.48 EPS. On average, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Company 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.