Thrivent Financial for Lutherans Has $33.57 Million Position in Adobe Inc. (NASDAQ:ADBE)

Thrivent Financial for Lutherans lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 12.2% in the fourth quarter, Holdings Channel reports. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after purchasing an additional 234,909 shares during the period. Geode Capital Management LLC boosted its position in shares of Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after acquiring an additional 147,981 shares during the period. FMR LLC grew its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Adobe by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after acquiring an additional 93,143 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after acquiring an additional 140,390 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the company’s 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 sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 in the last three months. 0.16% of the stock is currently owned by corporate insiders.

Adobe Stock Up 0.4 %

ADBE stock opened at $389.61 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $169.64 billion, a P/E ratio of 31.42, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The business has a 50-day moving average of $434.53 and a 200-day moving average of $477.76.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (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 company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the company earned $4.48 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the topic of several research analyst reports. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Jefferies Financial Group decreased their target price on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. DA Davidson cut their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $538.80.

Adobe 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.