Marcum Wealth LLC Sells 87 Shares of Adobe Inc. (NASDAQ:ADBE)

Marcum Wealth LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.1% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,347 shares of the software company’s stock after selling 87 shares during the period. Marcum Wealth LLC’s holdings in Adobe were worth $680,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Barlow Wealth Partners Inc. bought a new stake in Adobe during the fourth quarter valued at about $16,700,000. Federated Hermes Inc. grew its holdings in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the period. Mainsail Financial Group LLC grew its holdings in Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares during the period. Vise Technologies Inc. grew its holdings in Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares during the period. Finally, Naviter Wealth LLC grew its holdings in Adobe by 39.7% during the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after purchasing an additional 996 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,270 shares of company stock valued at $1,563,166. 0.15% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ADBE. DA Davidson restated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Oppenheimer restated an “outperform” rating and issued a $580.00 price objective on shares of Adobe in a research report on Friday, June 14th. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a research report on Monday, June 10th. Bank of America lowered their price objective on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Two 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $607.67.

Adobe Trading Up 2.0 %

Shares of ADBE stock opened at $533.44 on Friday. The company has a market cap of $238.98 billion, a PE ratio of 47.93, a price-to-earnings-growth ratio of 2.73 and a beta of 1.27. The stock’s 50 day simple moving average is $478.58 and its two-hundred day simple moving average is $538.08. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05.

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

Adobe declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.