Mainsail Financial Group LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Mainsail Financial Group LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 0.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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.

Several other institutional investors have also recently made changes to their positions in ADBE. Piscataqua Savings Bank increased its position in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Legacy Investment Solutions LLC purchased a new position in Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment increased its holdings in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Adobe in the third quarter worth approximately $30,000. Finally, True Wealth Design LLC lifted its holdings in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $433.07 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a fifty day moving average of $455.58 and a 200 day moving average of $500.48. The firm has a market cap of $188.52 billion, a PE ratio of 34.93, a PEG ratio of 2.12 and a beta of 1.31. Adobe Inc. has a one year low of $403.75 and a one year high of $628.07.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the company earned $3.52 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent research reports. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a research report on Wednesday, January 15th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Bank of America reduced their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Mizuho lowered their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Piper Sandler lowered their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last quarter. 0.15% of the stock is currently owned by corporate 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.