Crossmark Global Holdings Inc. Acquires Shares in Adobe Inc.

Crossmark Global Holdings Inc. has significantly increased its investment in Adobe Inc. (NASDAQ:ADBE) by 41.5% during the third quarter of 2023. According to the latest filing made with the Securities and Exchange Commission (SEC), the firm now holds a total of 36,333 shares of Adobe after adding an impressive 10,656 shares to its portfolio. At the close of the reporting period, the value of Crossmark's holdings in Adobe was approximately $18,813,000.

Investor Activity in Adobe

In addition to Crossmark Global Holdings Inc., several other large investors have also adjusted their positions in Adobe recently. For instance, Piscataqua Savings Bank has grown its holdings by 226.7% in the third quarter, now owning 49 shares valued at $25,000 after purchasing an additional 34 shares. Summit Securities Group LLC and Highline Wealth Partners LLC have also entered positions in Adobe, with investments valued at about $33,000 and $38,000, respectively. Moreover, Lynx Investment Advisory and Hobbs Group Advisors LLC have acquired new stakes estimated at approximately $39,000 each. Notably, institutional investors hold a significant 81.79% of Adobe's total stock.

Adobe's Stock Performance

On the trading front, shares of Adobe experienced a slight drop of 1.2%, reaching a price of $494.68 during midday trading. The trading volume recorded was 2,856,859 shares, compared to the average volume of 2,475,261 shares. Over the last 52 weeks, Adobe's stock has fluctuated between a low of $433.97 and a high of $638.25. Current financial metrics include a debt-to-equity ratio of 0.28, as well as both a quick ratio and a current ratio of 1.11. The company's market capitalization stands at $217.76 billion, with a price-to-earnings ratio of 41.78 and a P/E/G ratio of 2.60.

Recent Earnings Report

Adobe reported its latest earnings on September 12, revealing an earnings per share (EPS) of $4.65 for the quarter, surpassing analyst expectations of $4.53 by $0.12. The company achieved a revenue of $5.41 billion, which was also above the anticipated $5.37 billion. Adobe's return on equity was reported at 42.82%, coupled with a net margin of 25.59%. Compared to the same quarter the previous year, the company's revenue has increased by 10.6%. Current projections from analysts estimate that Adobe Inc. will report an EPS of 14.82 for the current fiscal year.

Wall Street Analysis

Several analysts have recently provided updates on Adobe's stock. Citigroup raised its price target from $550.00 to $621.00, rating it as "neutral" in a report issued on September 11. Piper Sandler maintains an "overweight" rating with a price target of $635.00, while JMP Securities also rated it as "market perform". Morgan Stanley's research continues with an "overweight" rating and a price objective of $660.00. Additionally, Barclays increased their target from $650.00 to $675.00, also giving it an "overweight" rating. Analysts' ratings are diverse, with two assigning a sell rating, seven a hold rating, and eighteen a buy rating, resulting in a consensus rating of "Moderate Buy" and an average price target of $606.40.

Insider Transactions

In related news, there has been notable insider activity. CEO Shantanu Narayen sold 25,000 shares at an average price of $521.58 on September 25, totaling approximately $13,039,500. After this transaction, he holds 357,700 shares currently valued at around $186,569,166. Similarly, CAO Jillian Forusz sold 676 shares for about $327,839.72, leading to a minor reduction in her ownership. Over the last three months, insiders have sold a total of 34,187 shares worth $17,736,369, indicating that 0.15% of the stock is currently owned by insiders.

About Adobe Inc.

Adobe Inc. is a diversified software company that operates on a global scale, offering products and solutions across three main segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment includes tools and services that empower users to create, publish, and promote their content, alongside Document Cloud services that provide unified cloud-based document management solutions.

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