Marquette Asset Management LLC increased its stake in Adobe Inc (NASDAQ:ADBE) by 57.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 142 shares of the software company’s stock after acquiring an additional 52 shares during the period. Marquette Asset Management LLC’s holdings in Adobe were worth $39,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Vanguard Group Inc. lifted its position in shares of Adobe by 1.3% during the second quarter. Vanguard Group Inc. now owns 38,052,601 shares of the software company’s stock worth $11,212,199,000 after purchasing an additional 504,241 shares in the last quarter. BlackRock Inc. boosted its position in Adobe by 2.7% during the second quarter. BlackRock Inc. now owns 33,730,576 shares of the software company’s stock worth $9,938,712,000 after purchasing an additional 887,115 shares during the period. Janus Henderson Group PLC boosted its position in Adobe by 0.8% during the second quarter. Janus Henderson Group PLC now owns 8,017,961 shares of the software company’s stock worth $2,362,476,000 after purchasing an additional 60,035 shares during the period. Invesco Ltd. boosted its position in Adobe by 37.5% during the second quarter. Invesco Ltd. now owns 7,973,766 shares of the software company’s stock worth $2,349,470,000 after purchasing an additional 2,174,047 shares during the period. Finally, Morgan Stanley boosted its position in Adobe by 13.2% during the second quarter. Morgan Stanley now owns 6,950,101 shares of the software company’s stock worth $2,047,848,000 after purchasing an additional 812,144 shares during the period. 86.35% of the stock is currently owned by institutional investors and hedge funds.
Adobe stock traded down $2.66 during midday trading on Tuesday, reaching $264.18. The stock had a trading volume of 834,880 shares, compared to its average volume of 2,900,300. The firm’s fifty day simple moving average is $277.04 and its 200-day simple moving average is $283.86. Adobe Inc has a 1-year low of $204.95 and a 1-year high of $313.11. The stock has a market capitalization of $128.53 billion, a P/E ratio of 47.60, a price-to-earnings-growth ratio of 2.56 and a beta of 1.09. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.74 and a current ratio of 0.74.
ADBE has been the subject of several research reports. Cleveland Research initiated coverage on Adobe in a research report on Tuesday, October 15th. They issued a “neutral” rating and a $283.00 target price for the company. BidaskClub lowered Adobe from a “sell” rating to a “strong sell” rating in a research note on Saturday. Stifel Nicolaus reiterated a “neutral” rating and issued a $325.00 price objective on shares of Adobe in a research report on Wednesday, September 18th. Griffin Securities lifted their price objective on Adobe from $303.00 to $317.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, JMP Securities reiterated a “hold” rating on shares of Adobe in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have given a buy rating to the stock. Adobe has a consensus rating of “Hold” and an average price target of $301.04.
In related news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $289.32, for a total transaction of $867,960.00. Following the completion of the sale, the executive vice president now directly owns 55,198 shares of the company’s stock, valued at $15,969,885.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Dana Rao sold 2,832 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,832 shares of company stock worth $3,359,226. Corporate insiders own 0.32% of the company’s stock.
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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