Mayport LLC Grows Stock Position in Adobe Inc. (NASDAQ:ADBE)

Mayport LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 574 shares of the software company’s stock after acquiring an additional 25 shares during the period. Mayport LLC’s holdings in Adobe were worth $297,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Piscataqua Savings Bank increased its stake in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. Tradewinds Capital Management LLC boosted its holdings in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC boosted its holdings in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Adobe in the 2nd quarter worth about $33,000. Finally, Steph & Co. boosted its holdings in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.6 %

Shares of NASDAQ:ADBE opened at $505.50 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $536.95 and its 200 day moving average price is $515.85. The company has a market cap of $224.14 billion, a PE ratio of 45.15, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $3.26 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ADBE. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Citigroup lifted their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Finally, Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of the firm’s 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 $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the business’s 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 $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,078 shares of company stock valued at $16,700,246 over the last three months. Company insiders own 0.15% of the company’s stock.

Adobe 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.