Crossmark Global Holdings Inc. Expands Stake in Adobe Inc. by 41.5%

Crossmark Global Holdings Inc. has significantly increased its investment in Adobe Inc. (NASDAQ:ADBE) by 41.5% during the third quarter of this year. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now holds 36,333 shares of Adobe's stock after purchasing an additional 10,656 shares during this reporting period. The value of this investment at the end of the most recent quarter was approximately $18,813,000.

Changes in Investment Holdings

Other institutional investors have also been adjusting their positions in Adobe recently. For instance, Piscataqua Savings Bank increased its holdings by an impressive 226.7% in the third quarter. The bank now possesses 49 shares valued at $25,000 following the purchase of an additional 34 shares. In addition, Summit Securities Group LLC acquired a new stake valued at about $33,000 during the second quarter, while Highline Wealth Partners LLC bought into Adobe in the third quarter with an investment of approximately $38,000. Lynx Investment Advisory and Hobbs Group Advisors LLC also made new investments valued at around $39,000 each during the second quarter. Currently, institutional investors collectively own 81.79% of Adobe's shares.

Recent Stock Performance

On a recent trading day, Adobe's stock dipped by 1.2%, trading down $6.24 to a price of $494.68. The trading volume was 2,856,859 shares, surpassing the average volume of 2,475,261 shares. Over the last 52 weeks, Adobe's stock has ranged from a low of $433.97 to a high of $638.25. The company's financial metrics indicate a debt-to-equity ratio of 0.28, with both quick and current ratios at 1.11. Additionally, Adobe has a market capitalization of $217.76 billion, a price-to-earnings ratio of 41.78, and a P/E/G ratio of 2.60. The stock's beta stands at 1.30.

Analysts' Earnings Forecasts

In its latest earnings report released on September 12, Adobe reported earnings per share (EPS) of $4.65, surpassing analysts' expectations of $4.53 by $0.12. The company also recorded revenue of $5.41 billion for the quarter, exceeding the anticipated $5.37 billion. Year-over-year, Adobe's quarterly revenue has increased by 10.6%. In the corresponding quarter last year, Adobe had an EPS of $3.26. Analysts predict that the company will achieve an EPS of 14.82 for the current fiscal year.

Wall Street Analysts View on Adobe

Several analysts have recently shared their perspectives on Adobe's stock. Citigroup raised its price target for Adobe from $550.00 to $621.00 and assigned a "neutral" rating. Piper Sandler reaffirmed a rating of "overweight" with a price target of $635.00. Similarly, JMP Securities maintained a "market perform" rating and Morgan Stanley confirmed an "overweight" rating with a target of $660.00. Barclays has set a new price target of $675.00 after increasing from a previous estimate of $650.00 while providing an "overweight" rating. As it stands, two analysts have rated the stock as a sell, seven as hold, eighteen as buy, and one as strong buy. The consensus rating for Adobe stock is classified as a "Moderate Buy" with an average price target of $606.40.

Insider Activities

Related to insider trading, Adobe's CEO Shantanu Narayen sold 25,000 shares on September 25, which amounted to $13,039,500 at an average price of $521.58 per share. Following this transaction, he retains 357,700 shares valued at approximately $186,569,166, indicating no change in percentage ownership. This sale was disclosed through the SEC. Additionally, Jillian Forusz, the Chief Accounting Officer, sold 676 shares at an average price of $484.97 on October 29, resulting in a transaction value of $327,839.72. After this sale, she holds 2,715 shares in Adobe valued at roughly $1,316,693.55. Over the past 90 days, insiders have sold a total of 34,187 shares worth about $17,736,369, with 0.15% of the stock currently held by insiders.

About Adobe Inc.

Adobe Inc., along with its subsidiaries, operates as a global diversified software company. Its operations are categorized into three main segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers a range of products, services, and solutions designed for individuals, teams, and enterprises, including the Document Cloud, which serves as a unified cloud-based document services platform.

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