MQS Management LLC Acquires New Shares in Adobe Inc. (NASDAQ:ADBE)

MQS Management LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 451 shares of the software company’s stock, valued at approximately $234,000.

A number of other institutional investors have also recently bought and sold shares of the company. Haverford Trust Co boosted its position in Adobe by 0.5% during the third quarter. Haverford Trust Co now owns 5,772 shares of the software company’s stock valued at $2,989,000 after purchasing an additional 27 shares during the last quarter. Moser Wealth Advisors LLC raised its holdings in Adobe by 10.0% during the third quarter. Moser Wealth Advisors LLC now owns 660 shares of the software company’s stock valued at $342,000 after buying an additional 60 shares in the last quarter. Dillon & Associates Inc. raised its holdings in Adobe by 1.7% during the third quarter. Dillon & Associates Inc. now owns 3,629 shares of the software company’s stock valued at $1,880,000 after buying an additional 62 shares in the last quarter. RPG Investment Advisory LLC raised its holdings in Adobe by 0.9% during the third quarter. RPG Investment Advisory LLC now owns 23,272 shares of the software company’s stock valued at $12,050,000 after buying an additional 204 shares in the last quarter. Finally, Missouri Trust & Investment Co raised its holdings in Adobe by 24.9% during the third quarter. Missouri Trust & Investment Co now owns 2,550 shares of the software company’s stock valued at $1,320,000 after buying an additional 509 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Down 5.0 %

NASDAQ ADBE opened at $503.37 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average is $510.99 and its two-hundred day moving average is $517.75. The company has a market capitalization of $221.58 billion, a price-to-earnings ratio of 42.51, a PEG ratio of 2.74 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share 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 the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the business earned $3.26 earnings per share. Equities analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADBE. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Citigroup raised their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Sanford C. Bernstein cut their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.