Marietta Wealth Management LLC Purchases 435 Shares of Adobe Inc. (NASDAQ:ADBE)


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Marietta Wealth Management LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 5.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,067 shares of the software company’s stock after acquiring an additional 435 shares during the period. Marietta Wealth Management LLC’s holdings in Adobe were worth $4,034,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Adobe by 2.0% in the fourth quarter. BlackRock Inc. now owns 37,765,781 shares of the software company’s stock valued at $18,887,420,000 after acquiring an additional 753,183 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Adobe by 2.3% in the fourth quarter. Jennison Associates LLC now owns 7,090,041 shares of the software company’s stock valued at $3,545,871,000 after acquiring an additional 157,886 shares during the last quarter. Morgan Stanley raised its stake in shares of Adobe by 20.3% in the third quarter. Morgan Stanley now owns 6,204,962 shares of the software company’s stock valued at $3,043,100,000 after acquiring an additional 1,045,762 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of Adobe by 5.0% in the fourth quarter. Fisher Asset Management LLC now owns 5,818,183 shares of the software company’s stock valued at $2,909,790,000 after acquiring an additional 278,509 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Adobe by 8.8% in the third quarter. UBS Asset Management Americas Inc. now owns 4,170,415 shares of the software company’s stock valued at $2,045,297,000 after acquiring an additional 336,890 shares during the last quarter. Institutional investors own 82.43% of the company’s stock.

A number of research analysts have recently issued reports on the stock. Oppenheimer assumed coverage on shares of Adobe in a research note on Friday, December 11th. They issued a “buy” rating and a $550.00 target price for the company. Stifel Nicolaus initiated coverage on shares of Adobe in a research report on Friday, January 15th. They issued a “buy” rating for the company. Royal Bank of Canada boosted their price objective on shares of Adobe from $570.00 to $575.00 and gave the stock an “outperform” rating in a research report on Friday, December 11th. Barclays restated a “buy” rating and issued a $605.00 price objective on shares of Adobe in a research report on Sunday, December 13th. Finally, Wedbush boosted their price objective on shares of Adobe from $410.00 to $510.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $527.42.

Shares of ADBE stock traded down $7.23 on Tuesday, hitting $460.10. The stock had a trading volume of 58,840 shares, compared to its average volume of 2,585,729. Adobe Inc. has a twelve month low of $255.13 and a twelve month high of $536.88. The firm has a market cap of $220.72 billion, a P/E ratio of 43.11, a PEG ratio of 2.55 and a beta of 0.97. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average price of $478.42 and a two-hundred day moving average price of $481.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 9th. The software company reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.66 by $0.15. Adobe had a net margin of 40.88% and a return on equity of 35.81%. The company had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same quarter in the previous year, the business earned $2.29 EPS. The firm’s revenue was up 14.4% on a year-over-year basis. On average, analysts expect that Adobe Inc. will post 9.47 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a share buyback program on Thursday, December 10th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the software company to purchase up to 6.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

In related news, EVP Abhay Parasnis sold 4,000 shares of the company’s stock in a transaction on Wednesday, February 10th. The shares were sold at an average price of $499.17, for a total value of $1,996,680.00. Following the completion of the transaction, the executive vice president now directly owns 43,746 shares of the company’s stock, valued at approximately $21,836,690.82. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 948 shares of the company’s stock in a transaction on Monday, December 14th. The stock was sold at an average price of $475.61, for a total transaction of $450,878.28. Following the completion of the transaction, the chief accounting officer now directly owns 178 shares of the company’s stock, valued at $84,658.58. The disclosure for this sale can be found here. Insiders sold a total of 114,063 shares of company stock valued at $53,715,598 in the last three months. 0.31% of the stock is owned by company insiders.

Adobe Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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