Midland Wealth Advisors LLC Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Midland Wealth Advisors LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 11.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,456 shares of the software company’s stock after selling 189 shares during the quarter. Midland Wealth Advisors LLC’s holdings in Adobe were worth $647,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Legacy Investment Solutions LLC bought a new position in Adobe in the third quarter worth about $26,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the third quarter valued at approximately $30,000. True Wealth Design LLC boosted its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares in the last quarter. Briaud Financial Planning Inc purchased a new stake in Adobe in the third quarter worth $36,000. Finally, Decker Retirement Planning Inc. bought a new position in Adobe in the fourth quarter worth $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $449.40 on Monday. The company has a market cap of $195.67 billion, a P/E ratio of 36.24, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm’s fifty day moving average is $439.56 and its two-hundred day moving average is $486.60.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the business posted $3.52 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADBE. DA Davidson reduced their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Bank of America decreased their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. UBS Group dropped their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. Finally, Citigroup lowered their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $567.81.

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.