Los Angeles Capital Management LLC Sells 107,414 Shares of Adobe Inc. (NASDAQ:ADBE)

Los Angeles Capital Management LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 30.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 244,256 shares of the software company’s stock after selling 107,414 shares during the period. Los Angeles Capital Management LLC owned 0.06% of Adobe worth $135,694,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Sound View Wealth Advisors Group LLC increased its stake in Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock valued at $415,000 after buying an additional 17 shares during the last quarter. Wade G W & Inc. increased its position in shares of Adobe by 0.5% in the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock valued at $2,215,000 after acquiring an additional 18 shares during the last quarter. Invst LLC raised its holdings in Adobe by 2.1% during the fourth quarter. Invst LLC now owns 934 shares of the software company’s stock worth $567,000 after acquiring an additional 19 shares in the last quarter. Onyx Bridge Wealth Group LLC boosted its position in Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares during the last quarter. Finally, HTLF Bank grew its stake in Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 0.8 %

ADBE traded down $4.52 during trading on Friday, reaching $563.41. 2,096,790 shares of the company’s stock were exchanged, compared to its average volume of 3,173,966. The stock has a market capitalization of $249.82 billion, a PE ratio of 50.62, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. The firm has a fifty day moving average price of $553.72 and a two-hundred day moving average price of $519.38. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the business earned $3.04 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on ADBE. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a report on Thursday, August 1st. Sanford C. Bernstein increased their price target on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Mizuho reiterated a “buy” rating and issued a $640.00 target price (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Finally, Piper Sandler reduced their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $605.52.

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.