Marshall Financial Group LLC Purchases 96 Shares of Adobe Inc. (NASDAQ:ADBE)

Marshall Financial Group LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,709 shares of the software company’s stock after purchasing an additional 96 shares during the period. Marshall Financial Group LLC’s holdings in Adobe were worth $1,872,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Barlow Wealth Partners Inc. purchased a new position in shares of Adobe during the fourth quarter valued at approximately $16,700,000. Federated Hermes Inc. lifted its position 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 purchasing an additional 41,164 shares during the period. Mainsail Financial Group LLC lifted its position in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares during the period. Vise Technologies Inc. increased its position in shares of Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after buying an additional 5,654 shares during the period. Finally, Steph & Co. raised its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the topic of several research reports. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. KeyCorp raised their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a research report on Friday, June 14th. Finally, Oppenheimer reissued an “outperform” rating and set a $580.00 price target on shares of Adobe in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $607.67.

Adobe Stock Performance

Shares of ADBE traded up $2.44 during trading hours on Thursday, hitting $570.15. The stock had a trading volume of 1,664,373 shares, compared to its average volume of 4,552,269. The firm has a market capitalization of $252.80 billion, a PE ratio of 51.23, a PEG ratio of 2.96 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a fifty day moving average price of $490.66 and a 200 day moving average price of $534.23.

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

Adobe declared that its board has authorized a share repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock valued at $15,165,916 in the last quarter. 0.15% of the stock is currently owned by insiders.

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.