Adobe Inc. (NASDAQ:ADBE) Stake Trimmed by SYSTM Wealth Solutions LLC

SYSTM Wealth Solutions LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 74.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 210 shares of the software company’s stock after selling 622 shares during the quarter. SYSTM Wealth Solutions LLC’s holdings in Adobe were worth $117,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Tradewinds Capital Management LLC grew its position in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new position in Adobe during the second quarter valued at $33,000. Lynx Investment Advisory purchased a new stake in Adobe in the 2nd quarter worth about $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Adobe during the 2nd quarter worth about $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,759 shares of company stock valued at $18,205,903. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research analyst reports. BMO Capital Markets increased their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research note on Monday, June 10th. Citigroup upped their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Mizuho reaffirmed a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Up 3.6 %

Shares of ADBE stock opened at $526.44 on Friday. The firm has a market capitalization of $233.42 billion, a P/E ratio of 47.30, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm’s fifty day simple moving average is $549.91 and its 200 day simple moving average is $519.04. 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 announced 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 net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the business earned $3.26 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, sell-side analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

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.