Wisconsin Capital Management LLC Sells 80 Shares of Adobe Inc. (NASDAQ:ADBE)

Wisconsin Capital Management LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 0.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,109 shares of the software company’s stock after selling 80 shares during the quarter. Adobe comprises 2.7% of Wisconsin Capital Management LLC’s holdings, making the stock its 13th largest holding. Wisconsin Capital Management LLC’s holdings in Adobe were worth $5,234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank grew its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $33,000. Lynx Investment Advisory acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $39,000. Hobbs Group Advisors LLC bought a new stake in shares of Adobe in the 2nd quarter valued at $39,000. Finally, Highline Wealth Partners LLC acquired a new position in shares of Adobe during the 3rd quarter valued at $38,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

NASDAQ:ADBE opened at $486.42 on Wednesday. The stock has a 50 day moving average of $518.98 and a two-hundred day moving average of $516.41. The firm has a market cap of $214.12 billion, a P/E ratio of 41.08, a price-to-earnings-growth ratio of 2.49 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the firm posted $3.26 earnings per share. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ADBE. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. UBS Group cut their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Finally, 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. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.40.

About Adobe

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.