Thrivent Financial for Lutherans Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Thrivent Financial for Lutherans lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 79.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 78,328 shares of the software company’s stock after selling 310,493 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Adobe were worth $43,515,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Tradewinds Capital Management LLC grew its holdings in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe during the 2nd quarter valued at approximately $33,000. Lynx Investment Advisory purchased a new position in Adobe during the 2nd quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in Adobe during the 2nd quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The disclosure for this sale can be found here. In the last three months, insiders sold 33,759 shares of company stock valued at $18,205,903. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on ADBE shares. TD Cowen dropped their target price on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. BMO Capital Markets lifted their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Down 0.8 %

ADBE opened at $522.30 on Monday. The firm has a market cap of $231.59 billion, a price-to-earnings ratio of 46.93, a PEG ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a fifty day moving average price of $549.18 and a 200-day moving average price of $518.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 EPS. As a group, equities research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.