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 shares of Adobe Inc. (NASDAQ:ADBE) by 3.8% during the 3rd quarter, HoldingsChannel.com reports. The fund 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 reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 2nd quarter valued at approximately $33,000. Highline Wealth Partners LLC bought a new stake in shares of Adobe during the 3rd quarter valued at approximately $38,000. Lynx Investment Advisory bought a new position in Adobe in the 2nd quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Adobe in the second quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ADBE shares. Barclays raised their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Stifel Nicolaus lifted their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Sanford C. Bernstein lowered their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Citigroup lifted their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Down 5.0 %

ADBE opened at $503.37 on Friday. The company has a fifty day moving average price of $509.79 and a two-hundred day moving average price of $518.35. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a market cap of $221.58 billion, a P/E ratio of 42.51, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its 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 during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 EPS. Analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 6.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe 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.