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

Mutual of America Capital Management LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.5% in the fourth quarter, according to its most recent disclosure with the SEC. 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 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Motco boosted its holdings in shares of Adobe by 0.4% in the 4th quarter. Motco now owns 19,609 shares of the software company's stock valued at $8,720,000 after purchasing an additional 69 shares in the last quarter. Pettyjohn Wood & White Inc. grew its stake in shares of Adobe by 0.5% in the 4th 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 during the period. Generali Investments Towarzystwo Funduszy Inwestycyjnych increased its holdings in shares of Adobe by 29.0% during 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 acquiring an additional 3,200 shares in the last quarter. Peloton Wealth Strategists lifted its stake 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. raised its holdings in shares of Adobe by 11.1% in the 4th quarter. Linscomb Wealth Inc. now owns 5,327 shares of the software company's stock worth $2,369,000 after acquiring an additional 532 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the company. BNP Paribas raised Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective for the company in a report on Wednesday, January 15th. Citigroup dropped their price objective on Adobe from $616.00 to $590.00 and set a "neutral" rating on the stock in a research note on Monday, December 9th. Barclays lowered their target price on shares of Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a report on Thursday, December 12th. Oppenheimer reduced their target price on Adobe from $625.00 to $600.00 and set an "outperform" rating for the company in a report on Thursday, December 12th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $590.00 price target on shares of Adobe in a report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Adobe has an average rating of "Moderate Buy" and a consensus price target of $570.88.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the business's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of the company's stock in a transaction on Friday, December 6th. The shares were 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 directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 in the last ninety days. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

ADBE traded up $6.93 during midday trading on Monday, reaching $445.49. The company had a trading volume of 528,734 shares, compared to its average volume of 3,399,674. The company has a market cap of $193.92 billion, a P/E ratio of 35.94, 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 business has a 50-day moving average of $439.71 and a two-hundred day moving average of $490.59. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results 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 net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the firm posted $3.52 EPS. Adobe's quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.