Goodman Advisory Group LLC Invests $2.62 Million in Adobe Inc. (NASDAQ:ADBE)

Goodman Advisory Group LLC acquired a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 6,831 shares of the software company's stock, valued at approximately $2,620,000. Adobe accounts for about 1.2% of Goodman Advisory Group LLC's portfolio, making the stock its 20th biggest position.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Sovran Advisors LLC increased its position in Adobe by 80.9% in the 1st quarter. Sovran Advisors LLC now owns 3,034 shares of the software company's stock valued at $1,058,000 after buying an additional 1,357 shares in the last quarter. RBA Wealth Management LLC grew its stake in Adobe by 3.2% in the first quarter. RBA Wealth Management LLC now owns 11,337 shares of the software company's stock valued at $4,348,000 after acquiring an additional 349 shares during the period. Joel Isaacson & Co. LLC grew its stake in Adobe by 11.0% in the first quarter. Joel Isaacson & Co. LLC now owns 1,012 shares of the software company's stock valued at $388,000 after acquiring an additional 100 shares during the period. TBH Global Asset Management LLC increased its holdings in shares of Adobe by 3.8% during the first quarter. TBH Global Asset Management LLC now owns 2,624 shares of the software company's stock valued at $1,006,000 after acquiring an additional 95 shares in the last quarter. Finally, Aljian Capital Management LLC raised its position in shares of Adobe by 10.8% during the first quarter. Aljian Capital Management LLC now owns 2,403 shares of the software company's stock worth $922,000 after purchasing an additional 234 shares during the period. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. DA Davidson reaffirmed a "buy" rating and issued a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. Citigroup reduced their price objective on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Robert W. Baird upped their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Finally, KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus price target of $496.75.

Adobe Price Performance

Shares of ADBE stock traded up $4.45 during trading hours on Tuesday, hitting $391.33. The stock had a trading volume of 2,375,258 shares, compared to its average volume of 3,400,626. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $166.00 billion, a price-to-earnings ratio of 25.03, a PEG ratio of 1.83 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The stock's 50-day moving average price is $394.10 and its two-hundred day moving average price is $409.69.

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, topping analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.48 EPS. Equities analysts forecast that Adobe Inc. will post 16.65 EPS 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.