Boltwood Capital Management Has $1.01 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Boltwood Capital Management cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,952 shares of the software company’s stock after selling 113 shares during the quarter. Boltwood Capital Management’s holdings in Adobe were worth $1,011,000 as of its most recent filing with the Securities & Exchange Commission.

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

Adobe Stock Up 0.6 %

Shares of ADBE stock opened at $505.81 on Thursday. The stock has a market cap of $224.28 billion, a P/E ratio of 45.45, a PEG ratio of 2.72 and a beta of 1.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company’s fifty day simple moving average is $543.02 and its two-hundred day simple moving average is $516.45. The company has a quick ratio of 1.16, a current ratio of 1.11 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 the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business earned $3.26 earnings per share. Analysts predict that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $17,642,653 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ADBE. KeyCorp boosted their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Robert W. Baird lifted their price target on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.