Mayflower Financial Advisors LLC Acquires 726 Shares of Adobe Inc. (NASDAQ:ADBE)

Mayflower Financial Advisors LLC raised its holdings in Adobe Inc. (NASDAQ:ADBEGet Rating) by 57.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,980 shares of the software company’s stock after acquiring an additional 726 shares during the period. Mayflower Financial Advisors LLC’s holdings in Adobe were worth $725,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. boosted its stake in shares of Adobe by 3.3% during the fourth quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock valued at $21,279,818,000 after purchasing an additional 1,212,093 shares in the last quarter. State Street Corp boosted its stake in shares of Adobe by 3.4% during the fourth quarter. State Street Corp now owns 19,551,566 shares of the software company’s stock valued at $11,086,911,000 after purchasing an additional 643,656 shares in the last quarter. Polen Capital Management LLC boosted its stake in shares of Adobe by 22.5% during the first quarter. Polen Capital Management LLC now owns 6,662,539 shares of the software company’s stock valued at $3,035,586,000 after purchasing an additional 1,222,654 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Adobe by 3.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,988,886 shares of the software company’s stock valued at $2,728,658,000 after purchasing an additional 185,340 shares in the last quarter. Finally, Edgewood Management LLC lifted its stake in shares of Adobe by 10.2% in the first quarter. Edgewood Management LLC now owns 5,319,395 shares of the software company’s stock worth $2,423,623,000 after acquiring an additional 493,304 shares during the period. Institutional investors own 80.75% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on ADBE shares. Morgan Stanley cut their price objective on Adobe from $362.00 to $337.00 and set an “equal weight” rating on the stock in a research note on Friday, September 16th. UBS Group cut their price objective on Adobe from $450.00 to $415.00 and set a “neutral” rating on the stock in a research note on Friday, June 17th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday. Cowen cut their price objective on Adobe from $520.00 to $400.00 and set an “outperform” rating on the stock in a research note on Friday, September 16th. Finally, Edward Jones lowered Adobe from a “buy” rating to a “hold” rating in a research note on Monday. Sixteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $427.11.

Adobe Stock Performance

NASDAQ:ADBE traded down $2.50 during trading on Friday, reaching $284.56. The company’s stock had a trading volume of 4,722,365 shares, compared to its average volume of 3,536,490. The firm has a market cap of $133.17 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 1.92 and a beta of 1.14. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.07 and a current ratio of 1.14. The firm has a 50 day moving average of $389.95 and a 200-day moving average of $403.64. Adobe Inc. has a 12 month low of $280.06 and a 12 month high of $699.54.

Adobe (NASDAQ:ADBEGet Rating) last announced its quarterly earnings data on Thursday, September 15th. The software company reported $3.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.33 by $0.07. The firm had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.44 billion. Adobe had a return on equity of 36.49% and a net margin of 28.00%. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.65 EPS. Research analysts expect that Adobe Inc. will post 11.1 EPS for the current fiscal year.

Insider Activity

In other news, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $409.75, for a total transaction of $54,087.00. Following the transaction, the chief accounting officer now owns 2,465 shares of the company’s stock, valued at approximately $1,010,033.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Daniel Durn acquired 3,250 shares of the company’s stock in a transaction that occurred on Thursday, September 22nd. The shares were acquired at an average price of $288.11 per share, with a total value of $936,357.50. Following the acquisition, the chief financial officer now owns 8,948 shares of the company’s stock, valued at approximately $2,578,008.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 132 shares of the stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $409.75, for a total value of $54,087.00. Following the sale, the chief accounting officer now directly owns 2,465 shares in the company, valued at approximately $1,010,033.75. The disclosure for this sale can be found here. Insiders have sold 3,769 shares of company stock valued at $1,477,562 in the last 90 days. Insiders own 0.23% of the company’s stock.

Adobe Company Profile

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Adobe Inc 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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