Mather Group LLC. Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Mather Group LLC. grew its position in Adobe Inc. (NASDAQ:ADBE) by 17.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,210 shares of the software company’s stock after acquiring an additional 1,238 shares during the period. Mather Group LLC.’s holdings in Adobe were worth $4,898,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in ADBE. Morgan Stanley increased its position in Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the period. Northern Trust Corp boosted its stake in shares of Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after buying an additional 202,136 shares in the last quarter. Jennison Associates LLC grew its holdings in Adobe by 12.3% during the third quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after acquiring an additional 498,957 shares during the period. Invesco Ltd. lifted its holdings in Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares during the period. Finally, Concentrum Wealth Management lifted its holdings in Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after acquiring an additional 2,148,978 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock worth $137,656 in the last quarter. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADBE. KeyCorp started coverage on shares of Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target for the company. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research report on Thursday, January 18th. Bank of America lowered their price target on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Mizuho reaffirmed a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Finally, Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $473.07 on Tuesday. The business has a fifty day simple moving average of $513.87 and a 200-day simple moving average of $564.05. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a market cap of $211.94 billion, a P/E ratio of 45.23, a P/E/G ratio of 2.59 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 EPS. Equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

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.