Murphy & Mullick Capital Management Corp Acquires New Holdings in Adobe Inc. (NASDAQ:ADBE)

Murphy & Mullick Capital Management Corp bought a new position in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 705 shares of the software company’s stock, valued at approximately $313,000.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Proficio Capital Partners LLC boosted its position in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after purchasing an additional 1,041,513 shares during the last quarter. FMR LLC boosted its holdings in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Adobe in the fourth quarter worth approximately $243,827,000. Assenagon Asset Management S.A. increased its holdings in Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares during the last quarter. Finally, Seilern Investment Management Ltd bought a new position in Adobe in the fourth quarter worth approximately $110,744,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 2.3 %

Adobe stock opened at $403.64 on Wednesday. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75. The business has a fifty day moving average of $433.70 and a two-hundred day moving average of $472.75. The firm has a market cap of $175.75 billion, a P/E ratio of 32.55, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the business earned $4.48 EPS. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Barclays reduced their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Morgan Stanley dropped their target price on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. UBS Group set a $495.00 price target on Adobe in a report on Thursday, March 13th. Evercore ISI dropped their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Finally, Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $538.80.

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.