Wolff Wiese Magana LLC Sells 108 Shares of Adobe Inc. (NASDAQ:ADBE)

Wolff Wiese Magana LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 7.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,404 shares of the software company’s stock after selling 108 shares during the quarter. Wolff Wiese Magana LLC’s holdings in Adobe were worth $514,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Folger Nolan Fleming Douglas Capital Management Inc. grew its stake in shares of Adobe by 1.2% during the second quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 14,882 shares of the software company’s stock worth $5,448,000 after buying an additional 180 shares during the last quarter. Sigma Investment Counselors Inc. grew its stake in shares of Adobe by 1.6% during the second quarter. Sigma Investment Counselors Inc. now owns 8,206 shares of the software company’s stock worth $3,004,000 after buying an additional 130 shares during the last quarter. Transform Wealth LLC grew its stake in shares of Adobe by 0.3% during the second quarter. Transform Wealth LLC now owns 20,572 shares of the software company’s stock worth $7,531,000 after buying an additional 52 shares during the last quarter. Joel Isaacson & Co. LLC grew its stake in shares of Adobe by 10.1% during the second quarter. Joel Isaacson & Co. LLC now owns 1,021 shares of the software company’s stock worth $374,000 after buying an additional 94 shares during the last quarter. Finally, Gilman Hill Asset Management LLC grew its stake in shares of Adobe by 46.7% in the second quarter. Gilman Hill Asset Management LLC now owns 1,037 shares of the software company’s stock worth $380,000 after purchasing an additional 330 shares during the last quarter. Institutional investors own 80.75% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several analyst reports. Morgan Stanley reduced their price objective on shares of Adobe from $362.00 to $337.00 and set an “equal weight” rating on the stock in a research note on Friday, September 16th. BMO Capital Markets reduced their price objective on shares of Adobe from $435.00 to $345.00 in a research note on Friday, September 16th. Stifel Nicolaus reduced their price objective on shares of Adobe from $500.00 to $375.00 and set a “buy” rating on the stock in a research note on Friday, September 16th. Mizuho reduced their price objective on shares of Adobe from $440.00 to $360.00 in a research note on Friday, September 16th. Finally, Cowen cut their price target on shares of Adobe from $520.00 to $400.00 and set an “outperform” rating on the stock in a research report on Friday, September 16th. Sixteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $427.11.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total transaction of $54,087.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,465 shares of the company’s stock, valued at approximately $1,010,033.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Daniel Durn bought 3,250 shares of Adobe stock in a transaction dated Thursday, September 22nd. The stock was purchased at an average cost of $288.11 per share, with a total value of $936,357.50. Following the transaction, the chief financial officer now directly owns 8,948 shares of the company’s stock, valued at $2,578,008.28. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 132 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total transaction of $54,087.00. Following the transaction, the chief accounting officer now directly owns 2,465 shares of the company’s stock, valued at $1,010,033.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,769 shares of company stock valued at $1,477,562. Corporate insiders own 0.23% of the company’s stock.

Adobe Stock Down 1.7 %

ADBE stock traded down $4.90 during trading on Friday, reaching $282.16. The stock had a trading volume of 160,732 shares, compared to its average volume of 5,011,590. Adobe Inc. has a one year low of $280.06 and a one year high of $699.54. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.25. The company’s 50 day moving average is $389.95 and its two-hundred day moving average is $403.64. The company has a market capitalization of $132.05 billion, a price-to-earnings ratio of 28.02, a P/E/G ratio of 1.92 and a beta of 1.14.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings data on Thursday, September 15th. The software company reported $3.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.33 by $0.07. Adobe had a net margin of 28.00% and a return on equity of 36.49%. The business had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.44 billion. During the same period in the prior year, the firm posted $2.65 EPS. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 11.1 EPS for the current year.

Adobe 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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