Adobe Inc. (NASDAQ:ADBE) Holdings Lowered by Primecap Management Co. CA

Primecap Management Co. CA decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 2.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,735,711 shares of the software company’s stock after selling 123,931 shares during the quarter. Adobe makes up 2.3% of Primecap Management Co. CA’s holdings, making the stock its 10th largest position. Primecap Management Co. CA’s holdings in Adobe were worth $3,186,417,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Excalibur Management Corp purchased a new stake in shares of Adobe in the second quarter worth about $344,000. Lmcg Investments LLC boosted its stake in shares of Adobe by 8.5% in the second quarter. Lmcg Investments LLC now owns 23,822 shares of the software company’s stock worth $13,234,000 after buying an additional 1,860 shares during the last quarter. WealthPLAN Partners LLC boosted its stake in shares of Adobe by 20.1% in the second quarter. WealthPLAN Partners LLC now owns 5,395 shares of the software company’s stock worth $2,997,000 after buying an additional 903 shares during the last quarter. Citizens Financial Group Inc. RI raised its holdings in Adobe by 10.4% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 24,449 shares of the software company’s stock worth $13,582,000 after purchasing an additional 2,299 shares during the period. Finally, Mesirow Financial Investment Management Inc. raised its holdings in Adobe by 0.8% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 31,195 shares of the software company’s stock worth $17,332,000 after purchasing an additional 246 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 97 shares of the firm’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 completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,259 shares of company stock worth $14,855,543. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ADBE shares. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Friday. UBS Group reduced their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Finally, Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $606.58.

Adobe Trading Down 2.9 %

Shares of Adobe stock opened at $521.50 on Tuesday. The firm has a market capitalization of $231.23 billion, a price-to-earnings ratio of 46.86, a PEG ratio of 3.03 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a 50 day moving average of $552.68 and a 200 day moving average of $519.46.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.26 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

About Adobe

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.