MJP Associates Inc. ADV Has $577,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

MJP Associates Inc. ADV grew its position in Adobe Inc. (NASDAQ:ADBE) by 20.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,144 shares of the software company’s stock after buying an additional 194 shares during the period. MJP Associates Inc. ADV’s holdings in Adobe were worth $577,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Liberty Capital Management Inc. boosted its position in shares of Adobe by 3.7% in the 1st quarter. Liberty Capital Management Inc. now owns 5,048 shares of the software company’s stock worth $2,547,000 after purchasing an additional 182 shares during the last quarter. Gulf International Bank UK Ltd increased its position in shares of Adobe by 0.3% in the first quarter. Gulf International Bank UK Ltd now owns 39,491 shares of the software company’s stock valued at $19,927,000 after acquiring an additional 115 shares during the last quarter. Pflug Koory LLC increased its position in shares of Adobe by 9.1% in the first quarter. Pflug Koory LLC now owns 408 shares of the software company’s stock valued at $206,000 after acquiring an additional 34 shares during the last quarter. Guinness Asset Management LTD increased its position in shares of Adobe by 9.2% in the first quarter. Guinness Asset Management LTD now owns 49,060 shares of the software company’s stock valued at $24,756,000 after acquiring an additional 4,136 shares during the last quarter. Finally, CHURCHILL MANAGEMENT Corp increased its position in Adobe by 2.6% during the first quarter. CHURCHILL MANAGEMENT Corp now owns 24,737 shares of the software company’s stock worth $12,482,000 after buying an additional 619 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADBE. Mizuho restated a “buy” rating and set a $640.00 price objective (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Robert W. Baird upped their target price on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Barclays upped their target price on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a report on Monday, June 10th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price target on shares of Adobe in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $607.67.

Adobe Stock Up 2.0 %

NASDAQ ADBE traded up $10.49 during trading hours on Friday, hitting $533.44. The company’s stock had a trading volume of 6,614,086 shares, compared to its average volume of 4,373,285. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market capitalization of $238.98 billion, a PE ratio of 47.93, a price-to-earnings-growth ratio of 2.73 and a beta of 1.27. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The company’s 50-day simple moving average is $478.58 and its two-hundred day simple moving average is $537.63.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the business posted $3.04 EPS. Research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its board has approved a share repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,270 shares of company stock worth $1,563,166. Insiders own 0.15% of the company’s stock.

Adobe 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.