Los Angeles Capital Management LLC Sells 107,414 Shares of Adobe Inc. (NASDAQ:ADBE)

Los Angeles Capital Management LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 30.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,256 shares of the software company’s stock after selling 107,414 shares during the period. Los Angeles Capital Management LLC’s holdings in Adobe were worth $135,694,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Sound View Wealth Advisors Group LLC raised its position in Adobe by 2.5% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after acquiring an additional 17 shares during the period. Wade G W & Inc. grew its holdings in Adobe by 0.5% during the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock valued at $2,215,000 after purchasing an additional 18 shares during the period. Invst LLC increased its holdings in Adobe by 2.1% in the 4th quarter. Invst LLC now owns 934 shares of the software company’s stock worth $567,000 after acquiring an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC raised its stake in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares during the period. Finally, HTLF Bank raised its stake in Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 0.8 %

ADBE traded down $4.52 on Friday, hitting $563.41. The company had a trading volume of 2,096,790 shares, compared to its average volume of 3,173,966. The stock has a fifty day simple moving average of $553.72 and a 200-day simple moving average of $519.38. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $249.82 billion, a P/E ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.30. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $3.04 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 in the last three months. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent analyst reports. Citigroup reduced their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, June 14th. KeyCorp increased their target price on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Finally, Sanford C. Bernstein increased their price objective on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $605.52.

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.