Meeder Advisory Services Inc. Grows Position in Adobe Inc. (NASDAQ:ADBE)

Meeder Advisory Services Inc. raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 38.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,958 shares of the software company’s stock after acquiring an additional 2,495 shares during the period. Meeder Advisory Services Inc.’s holdings in Adobe were worth $4,977,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Concentrum Wealth Management raised its position in Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after purchasing an additional 244,008 shares during the period. Aveo Capital Partners LLC raised its holdings in Adobe by 5.9% during the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after buying an additional 52 shares during the period. Gryphon Financial Partners LLC raised its holdings in Adobe by 22.7% during the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after buying an additional 658 shares during the period. Jump Financial LLC lifted its position in Adobe by 274.6% in the fourth quarter. Jump Financial LLC now owns 2,611 shares of the software company’s stock worth $1,558,000 after buying an additional 1,914 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC boosted its stake in Adobe by 2.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after buying an additional 17 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 1.1 %

Shares of NASDAQ ADBE opened at $586.55 on Friday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock’s fifty day simple moving average is $554.59 and its two-hundred day simple moving average is $520.35. The stock has a market capitalization of $260.08 billion, a PE ratio of 52.70, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the business posted $3.26 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Robert W. Baird raised their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Barclays raised their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Oppenheimer boosted their price objective on Adobe from $580.00 to $625.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $606.86.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 in the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Company 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.