Magnolia Capital Advisors LLC Has $369,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Magnolia Capital Advisors LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 13.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 664 shares of the software company’s stock after buying an additional 81 shares during the quarter. Magnolia Capital Advisors LLC’s holdings in Adobe were worth $369,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Concentrum Wealth Management increased its position in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after purchasing an additional 244,008 shares during the period. J. W. Coons Advisors LLC increased its position in Adobe by 2.6% in the fourth quarter. J. W. Coons Advisors LLC now owns 1,843 shares of the software company’s stock worth $1,100,000 after purchasing an additional 46 shares during the period. CWA Asset Management Group LLC increased its position in Adobe by 50.1% in the fourth quarter. CWA Asset Management Group LLC now owns 1,773 shares of the software company’s stock worth $1,058,000 after purchasing an additional 592 shares during the period. Wellspring Financial Advisors LLC acquired a new stake in Adobe in the fourth quarter worth about $207,000. Finally, Cornerstone Advisory LLC increased its position in Adobe by 23.8% in the fourth quarter. Cornerstone Advisory LLC now owns 620 shares of the software company’s stock worth $370,000 after purchasing an additional 119 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $1,501,989. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock worth $17,642,653 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.4 %

NASDAQ:ADBE opened at $517.78 on Tuesday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business has a 50 day moving average price of $544.38 and a two-hundred day moving average price of $516.45. The company has a market cap of $229.58 billion, a P/E ratio of 46.52, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business posted $3.26 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.