Darwin Wealth Management LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) 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.
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.
Check Out Our Latest Research Report on Adobe
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.
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