Marietta Wealth Management LLC Purchases 557 Shares of Adobe Inc. (NASDAQ:ADBE)

Marietta Wealth Management LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) 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.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter last year, the firm posted $3.04 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.

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.