Minot Wealth Management LLC Has $1.68 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Minot Wealth Management LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBEGet Rating) by 32.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 4,586 shares of the software company’s stock after selling 2,202 shares during the quarter. Minot Wealth Management LLC’s holdings in Adobe were worth $1,679,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in ADBE. Oliver Lagore Vanvalin Investment Group acquired a new position in Adobe during the 1st quarter valued at $31,000. Delos Wealth Advisors LLC increased its holdings in shares of Adobe by 169.6% during the 4th quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company’s stock worth $35,000 after purchasing an additional 39 shares during the period. Ulland Investment Advisors LLC raised its position in shares of Adobe by 60.0% during the first quarter. Ulland Investment Advisors LLC now owns 80 shares of the software company’s stock valued at $36,000 after buying an additional 30 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its stake in shares of Adobe by 62.3% in the first quarter. Creative Financial Designs Inc. ADV now owns 86 shares of the software company’s stock valued at $39,000 after buying an additional 33 shares during the period. Finally, Steward Financial Group LLC grew its position in Adobe by 770.0% during the first quarter. Steward Financial Group LLC now owns 87 shares of the software company’s stock worth $39,000 after buying an additional 77 shares in the last quarter. 80.75% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on ADBE. Robert W. Baird cut Adobe from an “outperform” rating to a “neutral” rating and cut their price target for the company from $450.00 to $355.00 in a report on Friday. Cowen cut their target price on Adobe from $520.00 to $400.00 and set an “outperform” rating for the company in a research note on Friday. UBS Group decreased their price target on shares of Adobe from $450.00 to $415.00 and set a “neutral” rating on the stock in a research note on Friday, June 17th. Barclays cut shares of Adobe from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $440.00 to $340.00 in a research note on Friday. Finally, Stifel Nicolaus decreased their target price on shares of Adobe from $500.00 to $375.00 and set a “buy” rating on the stock in a research report on Friday. Sixteen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of “Hold” and an average price target of $429.92.

Insider Transactions at Adobe

In other Adobe news, CMO Ann Lewnes sold 794 shares of Adobe stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $400.00, for a total transaction of $317,600.00. Following the completion of the sale, the chief marketing officer now owns 23,988 shares of the company’s stock, valued at approximately $9,595,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CMO Ann Lewnes sold 794 shares of the stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $400.00, for a total value of $317,600.00. Following the transaction, the chief marketing officer now owns 23,988 shares of the company’s stock, valued at $9,595,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $409.75, for a total value of $54,087.00. Following the transaction, the chief accounting officer now owns 2,465 shares of the company’s stock, valued at $1,010,033.75. The disclosure for this sale can be found here. Insiders sold a total of 3,637 shares of company stock worth $1,438,682 in the last quarter. 0.23% of the stock is owned by company insiders.

Adobe Stock Down 1.0 %

NASDAQ:ADBE opened at $296.42 on Monday. The stock’s fifty day moving average price is $396.83 and its two-hundred day moving average price is $407.42. The company has a market cap of $138.72 billion, a price-to-earnings ratio of 29.54, a P/E/G ratio of 1.62 and a beta of 1.14. Adobe Inc. has a 52-week low of $292.14 and a 52-week high of $699.54. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.07 and a current ratio of 1.14.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings results on Thursday, September 15th. The software company reported $3.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.33 by $0.07. The business had revenue of $4.43 billion for the quarter, compared to analyst estimates of $4.44 billion. Adobe had a return on equity of 36.49% and a net margin of 28.00%. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.65 earnings per share. On average, analysts anticipate that Adobe Inc. will post 10.98 EPS for the current year.

Adobe Company Profile

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Adobe Inc 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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