Adobe Inc. (NASDAQ:ADBE) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 11.2% in the third quarter, HoldingsChannel.com reports. The fund owned 216,951 shares of the software company’s stock after selling 27,305 shares during the period. Los Angeles Capital Management LLC’s holdings in Adobe were worth $112,333,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $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 second quarter valued at about $33,000. Highline Wealth Partners LLC acquired a new stake in shares of Adobe in the third quarter valued at about $38,000. Lynx Investment Advisory acquired a new stake in shares of Adobe in the second quarter valued at about $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Adobe in the second quarter valued at about $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 1.2 %

ADBE stock traded down $6.24 during midday trading on Friday, reaching $494.68. 2,856,859 shares of the company were exchanged, compared to its average volume of 2,475,261. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock’s 50-day simple moving average is $514.90 and its 200 day simple moving average is $516.72. The company has a market cap of $217.76 billion, a price-to-earnings ratio of 41.78, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 in the last 90 days. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. Finally, Bank of America reissued a “buy” rating and issued a $640.00 price objective on shares of Adobe in a 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $606.40.

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.