Thrivent Financial for Lutherans Sells 310,493 Shares of Adobe Inc. (NASDAQ:ADBE)

Thrivent Financial for Lutherans cut its position in shares of Adobe Inc. (NASDAQ:ADBE) 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.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.26 earnings per share. On average, analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

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.

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.