Mesirow Financial Investment Management Inc. Acquires 246 Shares of Adobe Inc. (NASDAQ:ADBE)

Mesirow Financial Investment Management Inc. lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,195 shares of the software company’s stock after buying an additional 246 shares during the quarter. Mesirow Financial Investment Management Inc.’s holdings in Adobe were worth $17,332,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC raised its position in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC increased its holdings in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new position in Adobe in the second quarter valued at about $33,000. Steph & Co. boosted its holdings in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory acquired a new position in shares of Adobe during the 2nd quarter worth about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Insiders sold a total of 27,259 shares of company stock valued at $14,855,543 in the last three months. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $536.87 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market capitalization of $238.05 billion, a P/E ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a fifty day moving average of $553.76 and a 200-day moving average of $519.73.

Adobe (NASDAQ:ADBE) last posted its earnings results 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. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.26 EPS. On average, sell-side analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday. Piper Sandler restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday. Barclays increased their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, Sanford C. Bernstein dropped their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $606.58.

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.