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

Mutual of America Capital Management LLC reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,507 shares of the software company's stock after selling 2,393 shares during the period. Mutual of America Capital Management LLC's holdings in Adobe were worth $31,329,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank increased its stake in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock worth $25,000 after buying an additional 34 shares during the period. Summit Securities Group LLC bought a new position in Adobe in the second quarter worth approximately $33,000. Lynx Investment Advisory purchased a new position in Adobe during the 2nd quarter worth $39,000. Hobbs Group Advisors LLC bought a new stake in Adobe during the 2nd quarter valued at $39,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Adobe in the 3rd quarter worth $38,000. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

ADBE stock traded down $26.50 during mid-day trading on Friday, reaching $503.37. 4,612,417 shares of the company's stock were exchanged, compared to its average volume of 2,591,010. The company has a market cap of $221.58 billion, a price-to-earnings ratio of 42.51, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock's 50 day moving average is $509.79 and its 200 day moving average is $518.35. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the company posted $3.26 EPS. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. On average, research analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Argus upgraded Adobe to a "strong-buy" rating in a research note on Monday, September 16th. Piper Sandler reiterated an "overweight" rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Bank of America reissued a "buy" rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada reiterated an "outperform" rating and issued a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $606.40.

Insider Buying and Selling at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the business's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company's stock.

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.