Marcum Wealth LLC Has $613,000 Position in Adobe Inc. (NASDAQ:ADBE)

Marcum Wealth LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 18.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,103 shares of the software company’s stock after selling 244 shares during the period. Marcum Wealth LLC’s holdings in Adobe were worth $613,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Tradewinds Capital Management LLC boosted its holdings in shares of Adobe by 266.7% during the 1st 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 in the last quarter. Salomon & Ludwin LLC boosted its holdings in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe during the 4th quarter valued at $35,000. Steph & Co. boosted its holdings in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares in the last quarter. Finally, Vima LLC acquired a new stake in shares of Adobe during the 4th quarter valued at $55,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of 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 filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, 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 sold a total of 27,523 shares of company stock worth $14,994,277 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on ADBE. Mizuho reaffirmed a “buy” rating and set a $640.00 target price (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Melius Research reaffirmed a “hold” rating and set a $510.00 target price on shares of Adobe in a report on Monday, June 10th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, June 14th. KeyCorp boosted their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Finally, TD Cowen dropped their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Adobe Trading Down 3.2 %

Shares of NASDAQ:ADBE traded down $16.85 during trading on Monday, reaching $509.32. 3,430,226 shares of the company were exchanged, compared to its average volume of 3,388,187. The firm has a market capitalization of $225.83 billion, a PE ratio of 45.76, a P/E/G ratio of 2.85 and a beta of 1.30. The business’s fifty day simple moving average is $522.70 and its 200-day simple moving average is $527.95. Adobe Inc. has a 12-month low of $433.97 and a 12-month 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 1.16.

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

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.