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

Mutual of America Capital Management LLC grew its position in Adobe Inc (NASDAQ:ADBE) by 1.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 65,974 shares of the software company’s stock after acquiring an additional 762 shares during the period. Mutual of America Capital Management LLC’s holdings in Adobe were worth $20,996,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Nicholas Hoffman & Company LLC. grew its stake in Adobe by 2.6% during the first quarter. Nicholas Hoffman & Company LLC. now owns 1,131 shares of the software company’s stock worth $360,000 after buying an additional 29 shares during the period. Coastal Investment Advisors Inc. grew its stake in Adobe by 4.3% during the fourth quarter. Coastal Investment Advisors Inc. now owns 726 shares of the software company’s stock worth $225,000 after buying an additional 30 shares during the period. Philadelphia Trust Co. grew its stake in Adobe by 1.3% during the fourth quarter. Philadelphia Trust Co. now owns 2,300 shares of the software company’s stock worth $759,000 after buying an additional 30 shares during the period. Pettyjohn Wood & White Inc. grew its stake in Adobe by 0.4% during the fourth quarter. Pettyjohn Wood & White Inc. now owns 7,022 shares of the software company’s stock worth $2,316,000 after buying an additional 30 shares during the period. Finally, Wealth Alliance Advisory Group LLC grew its stake in Adobe by 3.3% during the fourth quarter. Wealth Alliance Advisory Group LLC now owns 967 shares of the software company’s stock worth $319,000 after buying an additional 31 shares during the period. 85.98% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:ADBE traded up $3.09 on Friday, reaching $385.26. 1,627,227 shares of the company’s stock were exchanged, compared to its average volume of 2,763,171. The firm has a market capitalization of $184.13 billion, a price-to-earnings ratio of 58.37, a PEG ratio of 2.98 and a beta of 0.90. Adobe Inc has a fifty-two week low of $255.13 and a fifty-two week high of $386.74. The business’s 50-day moving average is $342.06 and its two-hundred day moving average is $332.10. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.39.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 12th. The software company reported $2.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.23 by $0.04. The company had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.05 billion. Adobe had a net margin of 27.72% and a return on equity of 33.54%. The firm’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.71 earnings per share. Analysts predict that Adobe Inc will post 8 earnings per share for the current fiscal year.

In related news, EVP Scott Belsky sold 600 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $301.40, for a total value of $180,840.00. Following the sale, the executive vice president now owns 13,655 shares of the company’s stock, valued at approximately $4,115,617. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CMO Ann Lewnes sold 5,000 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $306.97, for a total transaction of $1,534,850.00. Following the completion of the sale, the chief marketing officer now directly owns 59,565 shares in the company, valued at approximately $18,284,668.05. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,298 shares of company stock worth $4,025,976. Corporate insiders own 0.31% of the company’s stock.

ADBE has been the subject of several research reports. Royal Bank of Canada decreased their price objective on shares of Adobe from $345.00 to $325.00 in a research note on Friday, March 13th. Cowen upped their target price on shares of Adobe from $315.00 to $325.00 and gave the company a “market perform” rating in a research note on Friday, March 13th. Stifel Nicolaus decreased their target price on shares of Adobe from $350.00 to $325.00 and set a “buy” rating for the company in a research note on Friday, March 13th. Barclays restated a “buy” rating and issued a $333.00 target price on shares of Adobe in a research note on Sunday, March 15th. Finally, Cfra decreased their target price on shares of Adobe from $365.00 to $359.00 and set a “buy” rating for the company in a research note on Tuesday, March 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Adobe presently has an average rating of “Buy” and an average target price of $342.54.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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