Adobe Inc. (NASDAQ:ADBE) Stock Position Decreased by Opes Wealth Management LLC

Opes Wealth Management LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,067 shares of the software company’s stock after selling 20 shares during the period. Opes Wealth Management LLC’s holdings in Adobe were worth $593,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its position in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe during the 2nd quarter worth approximately $33,000. Steph & Co. lifted its holdings in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe during the second quarter valued at $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 0.8 %

Shares of ADBE opened at $563.41 on Friday. The company has a market capitalization of $249.82 billion, a P/E ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The business’s 50 day simple moving average is $553.72 and its 200-day simple moving average is $519.38. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.04 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock worth $14,994,277 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent research reports. StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Piper Sandler cut their target price on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Melius Research restated a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Finally, Mizuho reiterated a “buy” rating and issued a $640.00 target price (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $605.52.

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.