Crossmark Global Holdings Inc. Increases Stake in Adobe Inc.

Crossmark Global Holdings Inc. has significantly enhanced its investment in Adobe Inc. (NASDAQ:ADBE) by 41.5% during the third quarter, as disclosed in their latest filing with the Securities and Exchange Commission (SEC). Following the acquisition of an additional 10,656 shares, the firm now owns a total of 36,333 shares of Adobe's stock. At the close of the reporting period, Crossmark's holdings in Adobe were valued at approximately $18,813,000.

Institutional Investors' Activity

In addition to Crossmark, several other major investors have also recently adjusted their positions in Adobe. For instance, Piscataqua Savings Bank increased its holdings by an impressive 226.7% during the third quarter, bringing its total to 49 shares worth $25,000 after acquiring an additional 34 shares. Summit Securities Group LLC purchased a new stake in the company in the second quarter, valued at around $33,000. Other firms such as Highline Wealth Partners LLC, Lynx Investment Advisory, and Hobbs Group Advisors LLC also acquired new stakes in Adobe during the second quarter and third quarter, valued at approximately $38,000 and $39,000, respectively. Notably, institutional investors now account for 81.79% of Adobe's stock ownership.

Stock Performance Overview

As of midday trading on Friday, Adobe's stock traded down 1.2%, reaching a price of $494.68. The trading volume was recorded at approximately 2,856,859 shares, compared to its average volume of 2,475,261. Over the past year, Adobe Inc. has experienced a 52-week low of $433.97 and a high of $638.25. Key financial ratios for the company indicate a debt-to-equity ratio of 0.28, with both a quick and current ratio of 1.11. Adobe's market capitalization stands at $217.76 billion, along with a price-to-earnings ratio (P/E) of 41.78 and a P/E/G ratio of 2.60. The company's stock beta is noted at 1.30.

Recent Earnings Report

Adobe reported its earnings on September 12, revealing an earnings per share (EPS) of $4.65 for the quarter, which surpassed analysts' expectations of $4.53 by $0.12. The company recorded revenue of $5.41 billion, exceeding analyst forecasts of $5.37 billion. Furthermore, Adobe showed a return on equity of 42.82% and a net margin of 25.59%. Compared to the same quarter from the previous year, Adobe's quarterly revenue increased by 10.6%. Analysts forecast that Adobe Inc. will report an EPS of 14.82 for the current fiscal year.

Analysts' Ratings and Predictions

Several Wall Street analysts have shared their perspectives on Adobe's stock in recent reports. Citigroup increased its price target for Adobe from $550.00 to $621.00, maintaining a "neutral" rating. Piper Sandler reaffirmed an "overweight" rating with a price objective of $635.00. Additionally, JMP Securities and Morgan Stanley both restated their "market perform" and "overweight" ratings, respectively, with Morgan Stanley issuing a $660.00 price target. Barclays also raised its price target from $650.00 to $675.00, giving Adobe an "overweight" rating. There are currently two analysts who have rated the stock as a sell, seven as hold, eighteen as buy, and one as a strong buy, resulting in a consensus rating of "Moderate Buy" with an average price target of $606.40.

Insider Transactions

In related news, Adobe's CEO Shantanu Narayen sold 25,000 shares on September 25 at an average price of $521.58, totaling over $13 million. Post-sale, Narayen owns about 357,700 shares of Adobe stock, valued at approximately $186.57 million. This transaction was recorded in a filing with the SEC. Additionally, CAO Jillian Forusz sold 676 shares on October 29 at an average price of $484.97, amounting to around $327,839. Following this transaction, she holds 2,715 shares of the company. In the last 90 days, insiders sold a combined 34,187 shares worth about $17.74 million, representing 0.15% ownership of the stock by insiders.

About Adobe Inc.

Adobe Inc. is a worldwide diversified software company that operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment includes products and services that assist individuals, teams, and enterprises in creating, publishing, and promoting content, alongside a cloud-based document services platform known as Document Cloud.

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