Mutual of America Capital Management LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Mutual of America Capital Management LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 3.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,407 shares of the software company’s stock after selling 2,100 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Adobe were worth $25,972,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Motco increased its position in shares of Adobe by 0.4% in the fourth quarter. Motco now owns 19,609 shares of the software company’s stock valued at $8,720,000 after buying an additional 69 shares in the last quarter. Pettyjohn Wood & White Inc. increased its position in shares of Adobe by 0.5% in the fourth quarter. Pettyjohn Wood & White Inc. now owns 8,325 shares of the software company’s stock valued at $3,702,000 after buying an additional 40 shares in the last quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych increased its position in shares of Adobe by 29.0% in the fourth quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 14,216 shares of the software company’s stock valued at $6,322,000 after buying an additional 3,200 shares in the last quarter. Peloton Wealth Strategists increased its position in shares of Adobe by 1.8% in the fourth quarter. Peloton Wealth Strategists now owns 4,167 shares of the software company’s stock valued at $1,853,000 after buying an additional 75 shares in the last quarter. Finally, Linscomb Wealth Inc. increased its position in shares of Adobe by 11.1% in the fourth quarter. Linscomb Wealth Inc. now owns 5,327 shares of the software company’s stock valued at $2,369,000 after buying an additional 532 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $438.49 on Friday. The firm has a market capitalization of $190.87 billion, a P/E ratio of 35.36, a P/E/G ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business’s 50-day simple moving average is $439.71 and its 200-day simple moving average is $491.24.

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

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ADBE. Citigroup dropped their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. UBS Group decreased their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Finally, Barclays decreased their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

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.