Franklin Resources Inc. Has $1.24 Billion Holdings in Adobe Inc. (NASDAQ:ADBE)

Franklin Resources Inc. increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,424,024 shares of the software company’s stock after buying an additional 163,983 shares during the period. Franklin Resources Inc.’s holdings in Adobe were worth $1,235,157,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Peapack Gladstone Financial Corp raised its position in shares of Adobe by 14.6% in the third quarter. Peapack Gladstone Financial Corp now owns 39,805 shares of the software company’s stock valued at $20,611,000 after buying an additional 5,080 shares in the last quarter. Tidal Investments LLC raised its position in shares of Adobe by 37.5% in the third quarter. Tidal Investments LLC now owns 72,401 shares of the software company’s stock valued at $37,488,000 after buying an additional 19,743 shares in the last quarter. Destination Wealth Management raised its position in shares of Adobe by 115.3% in the third quarter. Destination Wealth Management now owns 857 shares of the software company’s stock valued at $444,000 after buying an additional 459 shares in the last quarter. Wilmington Savings Fund Society FSB raised its position in shares of Adobe by 124.5% in the third quarter. Wilmington Savings Fund Society FSB now owns 6,949 shares of the software company’s stock valued at $3,598,000 after buying an additional 3,853 shares in the last quarter. Finally, Sfmg LLC raised its position in shares of Adobe by 3.7% in the third quarter. Sfmg LLC now owns 734 shares of the software company’s stock valued at $380,000 after buying an additional 26 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of Adobe stock opened at $474.63 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $208.93 billion, a price-to-earnings ratio of 38.28, a P/E/G ratio of 2.51 and a beta of 1.29. The company’s fifty day moving average is $505.99 and its 200 day moving average is $523.02. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.52 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 16.73 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,793 shares of company stock valued at $18,069,669. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ADBE has been the subject of several research analyst reports. DA Davidson lowered their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday. Stifel Nicolaus lowered their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Oppenheimer lowered their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Citigroup lowered their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday. Two analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $584.88.

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.