Magnolia Capital Advisors LLC Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Magnolia Capital Advisors LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 20.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 460 shares of the software company’s stock after acquiring an additional 78 shares during the quarter. Magnolia Capital Advisors LLC’s holdings in Adobe were worth $289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Morgan Stanley raised its stake in shares of 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 raised its stake in Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after acquiring an additional 202,136 shares during the period. Jennison Associates LLC raised its stake in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares during the period. Invesco Ltd. raised its stake in Adobe by 25.1% in the 3rd 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 raised its stake in Adobe by 17,006.8% in the 3rd 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 owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 984 shares of company stock worth $577,171 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research reports. JPMorgan Chase & Co. lowered their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Stifel Nicolaus lowered their price objective on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Mizuho reaffirmed a “buy” rating and set a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Finally, HSBC reduced their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Price Performance

ADBE traded up $4.22 during midday trading on Wednesday, hitting $477.12. The stock had a trading volume of 2,335,078 shares, compared to its average volume of 3,526,816. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The business has a fifty day moving average of $519.06 and a 200 day moving average of $565.33. The company has a market cap of $213.75 billion, a P/E ratio of 45.61, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28.

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

Adobe announced that its board has approved a share repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

About Adobe

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.