Madison Wealth Partners Inc Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Madison Wealth Partners Inc cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 490 shares of the software company’s stock after selling 42 shares during the period. Madison Wealth Partners Inc’s holdings in Adobe were worth $272,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Tradewinds Capital Management LLC boosted its stake 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 buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC lifted its holdings in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC purchased a new position in Adobe in the second quarter worth about $33,000. Steph & Co. grew its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the 2nd quarter valued at about $39,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

ADBE stock opened at $521.50 on Tuesday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market cap of $231.23 billion, a price-to-earnings ratio of 46.86, a PEG ratio of 3.03 and a beta of 1.29. The business’s fifty day simple moving average is $552.68 and its two-hundred day simple moving average is $519.46. 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 posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for 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 firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.26 EPS. Analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ADBE. Barclays raised their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. BMO Capital Markets boosted their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Robert W. Baird raised their target price on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Sanford C. Bernstein cut their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday. Finally, Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $606.58.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,259 shares of company stock valued at $14,855,543. Corporate insiders own 0.15% of the company’s stock.

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.