Wolff Wiese Magana LLC Sells 41 Shares of Adobe Inc. (NASDAQ:ADBE)

Wolff Wiese Magana LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 3.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,080 shares of the software company’s stock after selling 41 shares during the quarter. Wolff Wiese Magana LLC’s holdings in Adobe were worth $545,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ADBE. Norges Bank acquired a new position in shares of Adobe during the 4th quarter valued at $3,277,785,000. Wellington Management Group LLP lifted its position in shares of Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Adobe during the 4th quarter valued at $875,592,000. Price T Rowe Associates Inc. MD lifted its position in shares of Adobe by 10.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after acquiring an additional 590,533 shares during the period. Finally, Putnam Investments LLC lifted its position in shares of Adobe by 41.2% during the 4th quarter. Putnam Investments LLC now owns 1,053,424 shares of the software company’s stock valued at $628,473,000 after acquiring an additional 307,479 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Sanford C. Bernstein upped their price objective on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. Mizuho restated a “buy” rating and set a $640.00 price objective (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Wells Fargo & Company upped their price objective on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Saturday, June 22nd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $600.00 price objective on shares of Adobe in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock worth $15,165,916 over the last quarter. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

NASDAQ:ADBE traded down $2.25 on Monday, reaching $553.29. 1,250,013 shares of the company’s stock were exchanged, compared to its average volume of 3,571,466. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market cap of $245.33 billion, a price-to-earnings ratio of 50.06, a P/E/G ratio of 2.90 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a fifty day simple moving average of $485.04 and a 200-day simple moving average of $534.27.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping 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 net margin of 24.86% and a return on equity of 40.67%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the business earned $3.04 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe declared that its board has approved a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Adobe Company 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.