Thrivent Financial for Lutherans Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Thrivent Financial for Lutherans grew its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,048 shares of the software company's stock after purchasing an additional 6,720 shares during the period. Thrivent Financial for Lutherans' holdings in Adobe were worth $44,036,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company's stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company's stock worth $1,097,475,000 after acquiring an additional 12,065 shares in the last quarter. Clearbridge Investments LLC boosted its stake in Adobe by 0.8% during the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company's stock worth $1,097,044,000 after acquiring an additional 15,685 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Adobe by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company's stock worth $945,780,000 after acquiring an additional 185,737 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company's stock worth $713,703,000 after acquiring an additional 1,376,333 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on ADBE. Piper Sandler reiterated an "overweight" rating and issued a $635.00 target price 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 target price on shares of Adobe in a research note on Tuesday, October 15th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Friday, September 13th. UBS Group dropped their target price 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. Finally, Bank of America reissued a "buy" rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $606.40.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $0.96 during mid-day trading on Tuesday, reaching $500.47. The stock had a trading volume of 1,058,354 shares, compared to its average volume of 3,158,653. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $220.31 billion, a P/E ratio of 42.25, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The business's 50 day moving average price is $508.38 and its 200 day moving average price is $518.85.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the business posted $3.26 earnings per share. The company's quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 481 shares of the company's stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred 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 sale, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last ninety days. Company insiders own 0.15% of the company's stock.

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.