Galvin Gaustad & Stein LLC Takes $318,000 Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Galvin Gaustad & Stein LLC has acquired a new position in Adobe Inc., purchasing 830 shares valued at approximately $318,000 in the first quarter.
• Several institutional investors have increased their stakes in Adobe, with the University of Texas Texas AM Investment Management Co. raising its position by 79.7% and now owning 8,808 shares valued at $3,378,000.
• Analysts have mixed ratings for Adobe shares, with two ratings for sell, eight for hold, sixteen for buy, and two for strong buy, reflecting a current consensus rating of Moderate Buy.

Galvin Gaustad & Stein LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 830 shares of the software company's stock, valued at approximately $318,000.

Several other institutional investors have also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. raised its position in shares of Adobe by 79.7% during the 1st quarter. University of Texas Texas AM Investment Management Co. now owns 8,808 shares of the software company's stock valued at $3,378,000 after buying an additional 3,907 shares during the period. Metis Global Partners LLC increased its position in shares of Adobe by 9.7% during the first quarter. Metis Global Partners LLC now owns 29,577 shares of the software company's stock valued at $11,344,000 after acquiring an additional 2,616 shares during the last quarter. First National Advisers LLC increased its position in shares of Adobe by 0.9% during the first quarter. First National Advisers LLC now owns 11,445 shares of the software company's stock valued at $4,390,000 after acquiring an additional 103 shares during the last quarter. Ridgewood Investments LLC increased its position in shares of Adobe by 9.2% during the first quarter. Ridgewood Investments LLC now owns 3,469 shares of the software company's stock valued at $1,331,000 after acquiring an additional 291 shares during the last quarter. Finally, Horan Capital Advisors LLC. increased its position in shares of Adobe by 3.3% during the first quarter. Horan Capital Advisors LLC. now owns 5,019 shares of the software company's stock valued at $1,925,000 after acquiring an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ADBE shares. Jefferies Financial Group dropped their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Morgan Stanley dropped their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Citigroup dropped their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Finally, Bank of America lifted their price target on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Performance

NASDAQ ADBE opened at $369.47 on Tuesday. 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 Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a market capitalization of $156.73 billion, a PE ratio of 23.64, a P/E/G ratio of 1.76 and a beta of 1.51. The company has a fifty day moving average of $389.99 and a two-hundred day moving average of $400.32.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the firm posted $4.48 earnings per share. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current 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.

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