Marietta Wealth Management LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 4.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,624 shares of the software company’s stock after purchasing an additional 557 shares during the quarter. Marietta Wealth Management LLC’s holdings in Adobe were worth $7,013,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the company. Barlow Wealth Partners Inc. bought a new stake in Adobe during the fourth quarter worth $16,700,000. Federated Hermes Inc. grew its stake in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after acquiring an additional 41,164 shares in the last quarter. Vise Technologies Inc. raised its holdings in shares of Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares during the last quarter. Steph & Co. lifted its position in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Naviter Wealth LLC boosted its holdings in Adobe by 39.7% during the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after purchasing an additional 996 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.
Adobe Price Performance
Shares of ADBE stock traded down $0.70 on Friday, reaching $553.46. The company’s stock had a trading volume of 1,541,726 shares, compared to its average volume of 3,304,834. The company has a market capitalization of $245.40 billion, a P/E ratio of 49.73, a PEG ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock’s 50 day simple moving average is $537.27 and its 200-day simple moving average is $522.93. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.
Insiders Place Their Bets
In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 in the last quarter. Corporate insiders own 0.15% of the company’s stock.
Analyst Ratings Changes
Several research firms have commented on ADBE. TD Cowen dropped their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. KeyCorp upped their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Robert W. Baird lifted their target price on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and increased their price target for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Thursday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $601.38.
View Our Latest Report on ADBE
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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