MainStreet Investment Advisors LLC Grows Stock Position in Adobe Inc (NASDAQ:ADBE)

MainStreet Investment Advisors LLC boosted its stake in shares of Adobe Inc (NASDAQ:ADBE) by 12.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 26,945 shares of the software company’s stock after buying an additional 3,003 shares during the period. Adobe makes up approximately 1.1% of MainStreet Investment Advisors LLC’s holdings, making the stock its 26th largest holding. MainStreet Investment Advisors LLC’s holdings in Adobe were worth $8,575,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in ADBE. BlackRock Inc. grew its position in Adobe by 6.5% in the 1st quarter. BlackRock Inc. now owns 36,445,773 shares of the software company’s stock valued at $11,598,502,000 after acquiring an additional 2,219,627 shares during the last quarter. State Street Corp raised its stake in Adobe by 0.8% in the fourth quarter. State Street Corp now owns 19,911,953 shares of the software company’s stock valued at $6,567,161,000 after buying an additional 157,055 shares during the last quarter. Janus Henderson Group PLC raised its stake in Adobe by 2.5% in the fourth quarter. Janus Henderson Group PLC now owns 8,039,818 shares of the software company’s stock valued at $2,651,587,000 after buying an additional 194,488 shares during the last quarter. Jennison Associates LLC raised its stake in Adobe by 1.3% in the first quarter. Jennison Associates LLC now owns 7,486,574 shares of the software company’s stock valued at $2,382,527,000 after buying an additional 98,908 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Adobe by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 6,872,434 shares of the software company’s stock valued at $2,261,878,000 after buying an additional 202,542 shares during the last quarter. Institutional investors own 85.98% of the company’s stock.

ADBE traded up $2.72 during trading on Friday, hitting $384.89. The company’s stock had a trading volume of 1,229,616 shares, compared to its average volume of 2,756,114. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.39. Adobe Inc has a twelve month low of $255.13 and a twelve month high of $386.74. The business’s fifty day simple moving average is $340.78 and its 200 day simple moving average is $331.58. The firm has a market capitalization of $184.13 billion, a price-to-earnings ratio of 58.46, a P/E/G ratio of 3.00 and a beta of 0.90.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 12th. The software company reported $2.27 EPS for the quarter, beating the consensus estimate of $2.23 by $0.04. Adobe had a return on equity of 33.54% and a net margin of 27.72%. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same period last year, the company earned $1.71 earnings per share. Adobe’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe Inc will post 8 earnings per share for the current fiscal year.

A number of equities research analysts have commented on ADBE shares. Cleveland Research upgraded Adobe from a “neutral” rating to a “buy” rating in a research note on Monday, January 27th. UBS Group decreased their price target on Adobe from $430.00 to $344.00 and set a “buy” rating for the company in a research note on Friday, March 13th. Cowen raised their price objective on Adobe from $315.00 to $325.00 and gave the stock a “market perform” rating in a research note on Friday, March 13th. Oppenheimer raised their price objective on Adobe from $375.00 to $410.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. Finally, JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $322.00 to $325.00 in a research note on Friday, March 13th. One analyst has rated the stock with a sell rating, eight have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $342.54.

In other news, EVP Gloria Chen sold 498 shares of Adobe stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $313.88, for a total value of $156,312.24. Following the sale, the executive vice president now directly owns 9,480 shares of the company’s stock, valued at $2,975,582.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $301.40, for a total value of $180,840.00. Following the transaction, the executive vice president now owns 13,655 shares in the company, valued at approximately $4,115,617. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,298 shares of company stock worth $4,025,976. 0.31% of the stock is owned by corporate insiders.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

Further Reading: Earnings Per Share (EPS)

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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