Lynch & Associates IN Sells 170 Shares of Adobe Inc. (NASDAQ:ADBE)

Lynch & Associates IN reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 8.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,744 shares of the software company’s stock after selling 170 shares during the quarter. Lynch & Associates IN’s holdings in Adobe were worth $969,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC lifted its position in shares of 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 period. Salomon & Ludwin LLC raised its stake in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new position in Adobe in the second quarter valued at $33,000. Steph & Co. boosted its position in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory acquired a new stake in Adobe during the 2nd quarter worth about $39,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 0.8 %

ADBE stock opened at $563.41 on Friday. The stock has a 50-day simple moving average of $553.72 and a two-hundred day simple moving average of $519.22. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market capitalization of $249.82 billion, a PE ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business earned $3.04 earnings per share. On average, equities analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Activity

In related news, CAO Mark S. Garfield sold 97 shares of Adobe 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 completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Scott Belsky sold 481 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 $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were 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 disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on ADBE. Melius Research restated a “hold” rating and issued a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Robert W. Baird boosted their target price on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. KeyCorp upped their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Wells Fargo & Company raised their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Finally, Mizuho restated a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $605.52.

Adobe 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.