Adobe Inc. (NASDAQ:ADBE) Shares Sold by Abundance Wealth Counselors

Abundance Wealth Counselors lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 10.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,027 shares of the software company’s stock after selling 227 shares during the period. Abundance Wealth Counselors’ holdings in Adobe were worth $1,126,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Tradewinds Capital Management LLC increased its position in Adobe by 266.7% during the first 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 position in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in Adobe during the 4th quarter worth $35,000. Steph & Co. boosted its stake in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory purchased a new position in Adobe during the 2nd quarter worth $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the firm’s 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 in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Stock Up 2.7 %

NASDAQ:ADBE traded up $14.37 during trading hours on Thursday, hitting $554.16. The stock had a trading volume of 2,181,304 shares, compared to its average volume of 3,316,057. The business has a 50 day simple moving average of $535.51 and a two-hundred day simple moving average of $524.19. The company has a market cap of $245.71 billion, a PE ratio of 49.79, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $3.04 EPS. Analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. Barclays increased their target price on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Oppenheimer reiterated an “outperform” rating and set a $580.00 price target on shares of Adobe in a research report on Friday, June 14th. Stifel Nicolaus lowered their price target on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Finally, Piper Sandler cut their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $601.38.

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.