Thrivent Financial for Lutherans cut its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 79.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. boosted its position in shares of Adobe by 5.2% during the second quarter. Pacer Advisors Inc. now owns 67,645 shares of the software company’s stock valued at $37,580,000 after purchasing an additional 3,355 shares in the last quarter. Massachusetts Institute of Technology bought a new stake in shares of Adobe during the second quarter valued at approximately $1,778,000. AE Wealth Management LLC boosted its position in shares of Adobe by 339.0% during the second quarter. AE Wealth Management LLC now owns 43,164 shares of the software company’s stock valued at $23,979,000 after purchasing an additional 33,331 shares in the last quarter. Hollencrest Capital Management boosted its position in shares of Adobe by 0.9% during the second quarter. Hollencrest Capital Management now owns 6,356 shares of the software company’s stock valued at $3,531,000 after purchasing an additional 58 shares in the last quarter. Finally, Bridges Investment Management Inc. boosted its holdings in Adobe by 117.6% in the second quarter. Bridges Investment Management Inc. now owns 144,718 shares of the software company’s stock worth $80,397,000 after acquiring an additional 78,213 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.
Adobe Stock Performance
Shares of ADBE opened at $522.30 on Monday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The business has a 50-day simple moving average of $549.18 and a two-hundred day simple moving average of $518.37. The stock 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. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.
Insiders Place Their Bets
In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock worth $18,205,903 over the last quarter. 0.15% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on the company. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Barclays boosted their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Melius Research reissued a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Finally, Wells Fargo & Company boosted their target price on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $606.40.
Read Our Latest Research Report on Adobe
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.
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