Adobe Inc. (NASDAQ:ADBE) Stake Reduced by Primecap Management Co. CA

Primecap Management Co. CA decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,735,711 shares of the software company’s stock after selling 123,931 shares during the period. Adobe comprises about 2.3% of Primecap Management Co. CA’s investment portfolio, making the stock its 10th biggest holding. Primecap Management Co. CA owned 1.29% of Adobe worth $3,186,417,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after acquiring an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Concentrum Wealth Management increased its position in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares in the last quarter. Wellington Management Group LLP increased its position in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after buying an additional 12,065 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 2.9 %

Shares of NASDAQ:ADBE opened at $521.50 on Tuesday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The business’s fifty day simple moving average is $552.68 and its 200-day simple moving average is $519.46. The company has a market capitalization of $231.23 billion, a PE ratio of 46.86, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on ADBE. Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday. Melius Research reaffirmed a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Barclays upped their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Finally, Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $606.58.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were 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 approximately $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 27,259 shares of company stock worth $14,855,543 in the last ninety days. 0.15% of the stock is owned by insiders.

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.