Los Angeles Capital Management LLC Decreases Position in Adobe Inc. (NASDAQ:ADBE)

Los Angeles Capital Management LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 30.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 150,603 shares of the software company’s stock after selling 66,348 shares during the period. Los Angeles Capital Management LLC’s holdings in Adobe were worth $66,970,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. State Street Corp increased its position in shares of Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after acquiring an additional 234,909 shares during the period. Geode Capital Management LLC boosted its stake in Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after acquiring an additional 147,981 shares in the last quarter. FMR LLC lifted its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Adobe by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after buying an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after purchasing an additional 140,390 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $444.42 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $440.12 and its two-hundred day moving average is $493.28. The company has a market cap of $193.46 billion, a P/E ratio of 35.84, a P/E/G ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the firm earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock valued at $2,525,126 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Oppenheimer reduced their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Stifel Nicolaus reduced their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. DA Davidson cut their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, Bank of America lowered their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $570.88.

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.