Darwin Wealth Management LLC Sells 34 Shares of Adobe Inc. (NASDAQ:ADBE)

Darwin Wealth Management LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 1.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,039 shares of the software company’s stock after selling 34 shares during the quarter. Darwin Wealth Management LLC’s holdings in Adobe were worth $1,688,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Tradewinds Capital Management LLC raised its stake in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC raised its stake in Adobe by 346.2% during the 1st 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 period. Summit Securities Group LLC acquired a new stake in Adobe during the 2nd quarter worth $33,000. Lynx Investment Advisory acquired a new stake in Adobe during the 2nd quarter worth $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Adobe during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 1.1 %

Adobe stock opened at $586.55 on Friday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market capitalization of $260.08 billion, a P/E ratio of 52.70, a PEG ratio of 2.94 and a beta of 1.29. The stock has a 50-day simple moving average of $554.59 and a 200 day simple moving average of $520.35.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the business posted $3.26 earnings per share. Analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 over the last three months. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ADBE. Oppenheimer raised their price objective on Adobe from $580.00 to $625.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. KeyCorp lifted their price target on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Sanford C. Bernstein lifted their price target on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Finally, Piper Sandler dropped their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $606.86.

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.