Adobe Inc. (NASDAQ:ADBE) Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp cut its stake in Adobe Inc. (NASDAQ:ADBE) by 5.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 597,221 shares of the software company’s stock after selling 34,462 shares during the period. Adobe makes up 1.5% of King Luther Capital Management Corp’s investment portfolio, making the stock its 16th largest position. King Luther Capital Management Corp owned about 0.13% of Adobe worth $331,780,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Tradewinds Capital Management LLC lifted its position in Adobe by 266.7% during the first 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 lifted its holdings in shares of 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 acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Adobe in the 2nd quarter valued at $33,000. Steph & Co. raised its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new position in shares of Adobe during the second quarter worth about $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Piper Sandler reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. KeyCorp boosted their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Finally, Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a research note on Monday, June 10th. Two research 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. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

Shares of Adobe stock opened at $526.44 on Friday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $233.42 billion, a PE ratio of 47.30, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company’s 50-day moving average price is $549.91 and its two-hundred day moving average price is $519.04.

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

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’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 sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock valued at $18,205,903 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

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.