Primecap Management Co. CA Has $2.94 Billion Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Primecap Management Co. CA trimmed its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,681,096 shares of the software company's stock after selling 54,615 shares during the period. Adobe accounts for 2.2% of Primecap Management Co. CA's portfolio, making the stock its 12th largest position. Primecap Management Co. CA owned 1.29% of Adobe worth $2,941,558,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. EP Wealth Advisors LLC raised its position in Adobe by 0.8% during the first quarter. EP Wealth Advisors LLC now owns 8,583 shares of the software company's stock valued at $4,331,000 after acquiring an additional 71 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Adobe by 17.3% during the 1st quarter. Advisors Asset Management Inc. now owns 18,571 shares of the software company's stock valued at $9,371,000 after acquiring an additional 2,734 shares during the last quarter. Capital International Sarl increased its holdings in shares of Adobe by 4.8% during the 1st quarter. Capital International Sarl now owns 5,402 shares of the software company's stock worth $2,726,000 after buying an additional 245 shares during the last quarter. Capital World Investors raised its holdings in shares of Adobe by 47.6% in the 1st quarter. Capital World Investors now owns 170,117 shares of the software company's stock valued at $85,841,000 after buying an additional 54,866 shares during the period. Finally, Westwood Holdings Group Inc. grew its holdings in Adobe by 117.6% during the 1st quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company's stock worth $3,703,000 after acquiring an additional 3,967 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus increased their price objective on Adobe from $600.00 to $650.00 and gave the company a "buy" rating in a report on Friday, September 6th. UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a "neutral" rating on the stock in a research note on Friday, September 13th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Friday, September 13th. Bank of America restated a "buy" rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, StockNews.com upgraded Adobe from a "hold" rating to a "buy" rating in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe has an average rating of "Moderate Buy" and an average target price of $606.40.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company's stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the firm's stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares of the company's stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by company insiders.

Adobe Price Performance

NASDAQ ADBE traded up $5.04 on Thursday, hitting $504.54. 1,420,416 shares of the company were exchanged, compared to its average volume of 3,149,278. The firm has a 50 day moving average of $505.27 and a two-hundred day moving average of $518.81. The company has a market cap of $222.10 billion, a P/E ratio of 42.19, a P/E/G ratio of 2.57 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the company posted $3.26 EPS. On average, equities analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

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.