Adobe Inc. (NASDAQ:ADBE) Shares Bought by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 982.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 541,670 shares of the software company’s stock after purchasing an additional 491,627 shares during the period. Adobe makes up about 0.8% of Mercer Global Advisors Inc. ADV’s holdings, making the stock its 29th biggest position. Mercer Global Advisors Inc. ADV owned approximately 0.12% of Adobe worth $300,919,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Steph & Co. grew its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares during the period. Choreo LLC grew its holdings in shares of Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after acquiring an additional 197 shares during the period. Eagle Asset Management Inc. grew its holdings in shares of Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after acquiring an additional 3,120 shares during the period. Finally, Quest Partners LLC lifted its stake in Adobe by 23.3% in the 2nd quarter. Quest Partners LLC now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 111 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of recent research reports. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Friday, September 13th. Citigroup increased their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. KeyCorp increased their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Finally, Oppenheimer reissued an “outperform” rating and set a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.58.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 27,259 shares of company stock worth $14,855,543 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

ADBE opened at $515.03 on Wednesday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company’s 50 day simple moving average is $551.66 and its 200-day simple moving average is $519.07. The stock has a market capitalization of $228.36 billion, a P/E ratio of 46.27, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the business posted $3.26 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.