Crossmark Global Holdings Inc. Increases Stake in Adobe Inc.

Crossmark Global Holdings Inc. has significantly raised its position in Adobe Inc. (NASDAQ:ADBE) by 41.5% during the third quarter, based on the recent filing with the Securities and Exchange Commission (SEC). The firm now holds a total of 36,333 shares of Adobe after acquiring an additional 10,656 shares within this period. The value of Crossmark's holdings in Adobe reached approximately $18,813,000 at the close of the last reporting quarter.

Investments from Other Firms

In addition to Crossmark's investment, several other large investors have also adjusted their stakes in Adobe. Piscataqua Savings Bank reported a remarkable increase of 226.7% in its holdings during the third quarter, now owning 49 shares valued at $25,000 after purchasing 34 additional shares. Summit Securities Group LLC made a new investment in Adobe worth about $33,000 in the previous quarter. Likewise, Highline Wealth Partners LLC and Lynx Investment Advisory also established new stakes in the third quarter, valued at approximately $38,000 and $39,000, respectively. Another firm, Hobbs Group Advisors LLC, purchased shares valued at about $39,000 during the same quarter. Collectively, institutional investors own about 81.79% of Adobe’s stock.

Adobe's Stock Performance

During midday trading on Friday, Adobe's stock experienced a decline of 1.2%, dropping to $494.68. Approximately 2,856,859 shares exchanged hands, surpassing the average volume of 2,475,261 shares. Adobe Inc. has recorded a 52-week low of $433.97 and a 52-week high of $638.25. The company’s financial metrics include a debt-to-equity ratio of 0.28, and both a quick ratio and current ratio of 1.11. Its 50-day moving average stands at $514.90 and its 200-day moving average at $516.42. The total market capitalization of Adobe is around $217.76 billion, with a price-to-earnings ratio of 41.78 and a P/E/G ratio of 2.60, indicating a beta of 1.30.

Recent Earnings Results

Adobe recently announced its earnings results on September 12th, revealing an earnings per share (EPS) of $4.65 for the quarter, which surpassed the analysts' consensus estimate of $4.53 by $0.12. The company's revenue for that quarter totaled $5.41 billion, exceeding predictions of $5.37 billion. Adobe achieved a return on equity of 42.82% alongside a net margin of 25.59%, and the quarterly revenue showed a growth of 10.6% year-over-year. In the same quarter last year, Adobe reported an EPS of $3.26. Financial analysts predict that Adobe will post an EPS of 14.82 for the ongoing fiscal year.

Analyst Ratings and Forecasts

Various Wall Street analysts have provided insights on Adobe’s stock. Citigroup raised its price target from $550.00 to $621.00, giving Adobe a “neutral” rating in their report from September 11th. Piper Sandler reaffirmed an “overweight” rating with a price objective of $635.00 in their report issued on September 13th. Similarly, Morgan Stanley maintained an “overweight” rating with a price target of $660.00. Other notable reports include Barclays, which increased its price objective from $650.00 to $675.00, accompanying it with an “overweight” rating. The current consensus shows a mix of ratings; two analysts have rated it as a sell, seven as hold, eighteen as buy, and one as strong buy. This leads to a consensus rating of “Moderate Buy” with an average price target of $606.40 according to MarketBeat.com.

Insider Transactions

In related news, Adobe's CEO, Shantanu Narayen, sold 25,000 shares on September 25th at an average price of $521.58, totaling around $13,039,500, leaving him with 357,700 shares valued at approximately $186,569,166. This transaction was filed with the SEC. Additionally, CAO Jillian Forusz sold 676 shares on October 29th for a total of about $327,839. Following these transactions, insiders now hold 0.15% of the company’s total shares, and over the past three months, insiders have sold 34,187 shares totaling $17,736,369.

Overview of Adobe Inc.

Adobe Inc., along with its subsidiaries, is a globally diversified software company operating in three main segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers a range of products, services, and solutions designed to empower individuals, teams, and organizations in creating, publishing, and promoting various forms of content. This segment also includes the Document Cloud, a comprehensive cloud-based document service.

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