Midland Wealth Advisors LLC Sells 189 Shares of Adobe Inc. (NASDAQ:ADBE)

Midland Wealth Advisors LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 11.5% during the fourth quarter, HoldingsChannel reports. The firm owned 1,456 shares of the software company’s stock after selling 189 shares during the period. Midland Wealth Advisors LLC’s holdings in Adobe were worth $647,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC bought a new position in Adobe in the 3rd quarter worth about $26,000. Groupama Asset Managment boosted its holdings in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Adobe in the third quarter worth approximately $30,000. True Wealth Design LLC increased its holdings in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. bought a new stake in Adobe during the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the firm’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 in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.15% of the stock is owned by insiders.

Adobe Trading Up 1.0 %

Adobe stock opened at $449.40 on Monday. The stock has a 50-day moving average price of $439.56 and a 200 day moving average price of $486.60. The company has a market capitalization of $195.67 billion, a price-to-earnings ratio of 36.24, a price-to-earnings-growth 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 quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

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

Analysts Set New Price Targets

ADBE has been the topic of a number of recent research reports. Sanford C. Bernstein dropped their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Oppenheimer cut their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Stifel Nicolaus lowered their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Mizuho cut their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe 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.