Primecap Management Co. CA Sells 54,615 Shares of Adobe Inc. (NASDAQ:ADBE)

Primecap Management Co. CA reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 1.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,681,096 shares of the software company’s stock after selling 54,615 shares during the quarter. Adobe comprises approximately 2.2% of Primecap Management Co. CA’s holdings, making the stock its 12th largest position. Primecap Management Co. CA owned 1.29% of Adobe worth $2,941,558,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Intech Investment Management LLC raised its position in shares of Adobe by 113.0% in the 3rd quarter. Intech Investment Management LLC now owns 89,052 shares of the software company’s stock worth $46,109,000 after purchasing an additional 47,234 shares during the last quarter. Citizens Financial Group Inc. RI grew its holdings in shares of Adobe by 1.6% during the third quarter. Citizens Financial Group Inc. RI now owns 24,851 shares of the software company’s stock valued at $12,867,000 after buying an additional 402 shares during the last quarter. Moran Wealth Management LLC increased its position in shares of Adobe by 2.1% during the third quarter. Moran Wealth Management LLC now owns 24,000 shares of the software company’s stock valued at $12,427,000 after acquiring an additional 499 shares in the last quarter. Moors & Cabot Inc. raised its holdings in Adobe by 2.8% in the 3rd quarter. Moors & Cabot Inc. now owns 3,550 shares of the software company’s stock worth $1,838,000 after acquiring an additional 98 shares during the last quarter. Finally, Altman Advisors Inc. bought a new position in Adobe in the 3rd quarter valued at approximately $1,684,000. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Barclays boosted their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. UBS Group decreased their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. 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 assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

NASDAQ:ADBE opened at $499.50 on Thursday. The business’s 50-day simple moving average is $505.27 and its two-hundred day simple moving average is $518.81. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a market cap of $219.88 billion, a PE ratio of 42.19, a P/E/G ratio of 2.59 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted 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. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the firm earned $3.26 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. As a group, analysts forecast that Adobe Inc. will post 14.82 EPS 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.