Mercer Global Advisors Inc. ADV Purchases 491,627 Shares of Adobe Inc. (NASDAQ:ADBE)

Mercer Global Advisors Inc. ADV grew its position in Adobe Inc. (NASDAQ:ADBE) by 982.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 541,670 shares of the software company’s stock after purchasing an additional 491,627 shares during the quarter. Adobe makes up about 0.8% of Mercer Global Advisors Inc. ADV’s portfolio, making the stock its 29th largest position. Mercer Global Advisors Inc. ADV’s holdings in Adobe were worth $300,919,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. Wellington Management Group LLP raised its holdings in shares of Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. Swedbank AB bought a new position in shares of Adobe in the first quarter valued at approximately $621,179,000. Price T Rowe Associates Inc. MD boosted its position in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares during the period. BlueSpruce Investments LP boosted its position in shares of Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after acquiring an additional 575,675 shares during the period. Finally, Liberty Wealth Management LLC lifted its position in Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 1.2 %

Adobe stock opened at $515.03 on Wednesday. The firm has a 50 day moving average of $551.66 and a 200 day moving average of $519.07. The firm has a market capitalization of $228.36 billion, a price-to-earnings ratio of 46.27, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during 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 firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.26 EPS. As a group, research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. Oppenheimer reiterated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Wells Fargo & Company lifted their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Mizuho restated a “buy” rating and set a $640.00 target price (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Finally, TD Cowen dropped their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $606.58.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 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 value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, EVP Scott Belsky sold 481 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 value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is owned by corporate insiders.

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.