Mutual of America Capital Management LLC Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Mutual of America Capital Management LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 57,390 shares of the software company’s stock after selling 1,017 shares during the period. Mutual of America Capital Management LLC’s holdings in Adobe were worth $22,011,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Cadence Bank raised its holdings in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after acquiring an additional 22 shares during the last quarter. Eagle Strategies LLC grew its position in shares of Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC increased its holdings in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after purchasing an additional 22 shares during the last quarter. Orin Green Financial LLC lifted its position in Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock worth $276,000 after buying an additional 23 shares in the last quarter. Finally, Diligent Investors LLC increased its stake in shares of Adobe by 1.2% in the 4th quarter. Diligent Investors LLC now owns 2,160 shares of the software company’s stock worth $961,000 after acquiring an additional 26 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 2.0%

Adobe stock opened at $345.62 on Thursday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company’s fifty day simple moving average is $381.52 and its 200-day simple moving average is $397.33. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market cap of $146.61 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.61 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the company posted $4.48 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of analyst reports. Morgan Stanley dropped their price objective on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Rothschild & Co Redburn cut Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price for the company. in a research note on Wednesday, July 2nd. Bank of America boosted their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a report on Friday, June 13th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Finally, Phillip Securities raised shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research note on Monday, June 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $473.88.

Adobe Company Profile

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.