Marshall & Sullivan Inc. WA Acquires Shares of 13,164 Adobe Inc (NASDAQ:ADBE)

Marshall & Sullivan Inc. WA acquired a new stake in shares of Adobe Inc (NASDAQ:ADBE) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 13,164 shares of the software company’s stock, valued at approximately $3,637,000. Adobe accounts for 2.7% of Marshall & Sullivan Inc. WA’s portfolio, making the stock its 19th largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Fiera Capital Corp purchased a new position in shares of Adobe during the 1st quarter valued at approximately $719,000. MainStreet Investment Advisors LLC increased its holdings in shares of Adobe by 5.5% during the 1st quarter. MainStreet Investment Advisors LLC now owns 22,868 shares of the software company’s stock valued at $6,094,000 after purchasing an additional 1,191 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Adobe by 16.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,259,429 shares of the software company’s stock valued at $335,625,000 after purchasing an additional 180,265 shares in the last quarter. Charter Trust Co. increased its holdings in shares of Adobe by 22.6% during the 1st quarter. Charter Trust Co. now owns 2,052 shares of the software company’s stock valued at $547,000 after purchasing an additional 378 shares in the last quarter. Finally, State of Wisconsin Investment Board increased its holdings in shares of Adobe by 6.4% during the 1st quarter. State of Wisconsin Investment Board now owns 658,500 shares of the software company’s stock valued at $175,484,000 after purchasing an additional 39,521 shares in the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.

In other news, CMO Ann Lewnes sold 3,000 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $274.34, for a total transaction of $823,020.00. Following the completion of the sale, the chief marketing officer now owns 52,398 shares of the company’s stock, valued at $14,374,867.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Dana Rao sold 2,832 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total transaction of $859,115.52. The disclosure for this sale can be found here. Insiders have sold 11,832 shares of company stock valued at $3,471,486 in the last ninety days. Insiders own 0.32% of the company’s stock.

Several research firms have recently weighed in on ADBE. Stephens set a $327.00 target price on shares of Adobe and gave the company a “buy” rating in a report on Wednesday, September 18th. Griffin Securities boosted their price target on shares of Adobe from $303.00 to $317.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Wedbush reissued a “hold” rating and issued a $290.00 price target on shares of Adobe in a report on Wednesday, September 18th. Canaccord Genuity set a $320.00 price target on shares of Adobe and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $310.00 price target (down previously from $315.00) on shares of Adobe in a report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have given a buy rating to the company’s stock. Adobe currently has an average rating of “Buy” and a consensus target price of $302.65.

Adobe stock opened at $278.29 on Friday. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $313.11. The firm has a market capitalization of $132.77 billion, a price-to-earnings ratio of 50.14, a PEG ratio of 2.64 and a beta of 1.09. The company has a fifty day simple moving average of $279.64 and a 200-day simple moving average of $283.55. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.10.

Adobe (NASDAQ:ADBE) last released its earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.97 by $0.08. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the prior year, the firm earned $1.73 earnings per share. The company’s revenue for the quarter was up 23.7% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc will post 6.38 EPS for the current fiscal year.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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