Mutual of America Capital Management LLC Sells 2,393 Shares of Adobe Inc. (NASDAQ:ADBE)

Mutual of America Capital Management LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 3.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 60,507 shares of the software company’s stock after selling 2,393 shares during the period. Mutual of America Capital Management LLC’s holdings in Adobe were worth $31,329,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ADBE. GAMMA Investing LLC increased its holdings in shares of Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares in the last quarter. Hemenway Trust Co LLC grew its position in shares of Adobe by 53.1% in the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock valued at $5,282,000 after purchasing an additional 3,539 shares during the period. Crestwood Advisors Group LLC increased its stake in Adobe by 1.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after purchasing an additional 1,464 shares in the last quarter. Anchor Investment Management LLC raised its holdings in Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after buying an additional 1,430 shares during the period. Finally, Fairscale Capital LLC bought a new position in Adobe in the second quarter valued at approximately $1,318,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research reports. UBS Group lowered their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Barclays boosted their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Down 5.0 %

ADBE stock opened at $503.37 on Friday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a market cap of $221.58 billion, a price-to-earnings ratio of 42.51, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30. The company has a fifty day moving average price of $509.79 and a two-hundred day moving average price of $518.35. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results 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 business had revenue of $5.41 billion for 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.26 EPS. Equities analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insider Buying and Selling

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company’s stock.

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.