Middleton & Co. Inc. MA Has $11.46 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Middleton & Co. Inc. MA lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 10.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,623 shares of the software company’s stock after acquiring an additional 1,970 shares during the period. Adobe makes up 1.3% of Middleton & Co. Inc. MA’s holdings, making the stock its 26th biggest holding. Middleton & Co. Inc. MA’s holdings in Adobe were worth $11,457,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Sienna Gestion raised its holdings in shares of Adobe by 0.9% in the second quarter. Sienna Gestion now owns 21,434 shares of the software company’s stock valued at $11,902,000 after purchasing an additional 185 shares during the last quarter. CCLA Investment Management grew its position in Adobe by 29.3% in the 2nd quarter. CCLA Investment Management now owns 256,448 shares of the software company’s stock worth $140,326,000 after purchasing an additional 58,173 shares in the last quarter. Waterloo Capital L.P. increased its stake in Adobe by 6.4% in the 2nd quarter. Waterloo Capital L.P. now owns 4,106 shares of the software company’s stock valued at $2,281,000 after buying an additional 246 shares during the last quarter. Shariaportfolio Inc. lifted its position in shares of Adobe by 12.5% during the 2nd quarter. Shariaportfolio Inc. now owns 3,128 shares of the software company’s stock worth $1,738,000 after buying an additional 347 shares in the last quarter. Finally, Zega Financial LLC purchased a new position in shares of Adobe in the 2nd quarter worth approximately $1,385,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 1.3 %

ADBE stock opened at $508.13 on Thursday. The stock has a 50-day simple moving average of $550.53 and a two-hundred day simple moving average of $518.99. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market capitalization of $225.30 billion, a PE ratio of 45.65, a PEG ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released 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. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $3.26 earnings per share. On average, equities analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Activity

In related news, CAO Mark S. Garfield sold 97 shares of the 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 sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. Insiders sold 27,259 shares of company stock worth $14,855,543 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. KeyCorp boosted their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Melius Research restated a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price 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 assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $606.58.

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.