Adobe Inc. (NASDAQ:ADBE) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 12.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 74,714 shares of the software company’s stock after selling 10,334 shares during the period. Thrivent Financial for Lutherans’ holdings in Adobe were worth $33,569,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Retirement Planning Co of New England Inc. acquired a new stake in shares of Adobe during the 4th quarter worth approximately $285,000. RD Lewis Holdings Inc. bought a new stake in Adobe in the fourth quarter valued at $248,000. Haven Capital Group Inc. acquired a new position in shares of Adobe during the fourth quarter valued at $3,268,000. BlackDiamond Wealth Management LLC grew its position in shares of Adobe by 3.6% during the fourth quarter. BlackDiamond Wealth Management LLC now owns 779 shares of the software company’s stock worth $346,000 after acquiring an additional 27 shares during the last quarter. Finally, Edgemoor Investment Advisors Inc. acquired a new stake in shares of Adobe in the 4th quarter worth about $1,159,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on ADBE. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Mizuho decreased their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Bank of America cut their target price on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, Stifel Nicolaus reduced their price objective on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $538.80.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by insiders.

Adobe Trading Up 0.4 %

Shares of NASDAQ ADBE opened at $389.61 on Friday. The firm has a market capitalization of $169.64 billion, a PE ratio of 31.42, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $434.53 and a two-hundred day moving average price of $477.76.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm posted $4.48 earnings per share. As a group, analysts predict that Adobe Inc. will post 16.65 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.