Mainsail Financial Group LLC Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Mainsail Financial Group LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,818 shares of the software company’s stock after buying an additional 25 shares during the quarter. Mainsail Financial Group LLC’s holdings in Adobe were worth $1,253,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB grew its holdings in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after purchasing an additional 33,414 shares during the period. Public Sector Pension Investment Board lifted its position in Adobe by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after buying an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after buying an additional 78,384 shares during the period. Morse Asset Management Inc increased its position in shares of Adobe by 33.0% during the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Adobe by 1.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after acquiring an additional 1,326 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of Adobe stock opened at $433.07 on Friday. The firm has a market capitalization of $188.52 billion, a P/E ratio of 34.93, a P/E/G ratio of 2.12 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $628.07. The firm’s 50 day moving average is $455.58 and its two-hundred day moving average is $500.48.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the business earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on ADBE. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and dropped their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Bank of America dropped their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. DA Davidson decreased their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Finally, Piper Sandler cut their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by insiders.

About Adobe

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.