Lockheed Martin Investment Management Co. Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

Lockheed Martin Investment Management Co. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 57.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,790 shares of the software company’s stock after selling 9,000 shares during the quarter. Lockheed Martin Investment Management Co.’s holdings in Adobe were worth $2,485,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Aspiriant LLC grew its holdings in Adobe by 13.7% during the 2nd quarter. Aspiriant LLC now owns 2,798 shares of the software company’s stock valued at $1,024,000 after buying an additional 337 shares in the last quarter. Core Alternative Capital lifted its position in Adobe by 22.1% in the second quarter. Core Alternative Capital now owns 232 shares of the software company’s stock worth $85,000 after buying an additional 42 shares during the last quarter. MUFG Securities EMEA plc lifted its position in shares of Adobe by 27.9% during the first quarter. MUFG Securities EMEA plc now owns 4,563 shares of the software company’s stock worth $2,079,000 after purchasing an additional 996 shares during the last quarter. US Bancorp DE lifted its position in shares of Adobe by 11.3% during the second quarter. US Bancorp DE now owns 153,520 shares of the software company’s stock worth $56,196,000 after purchasing an additional 15,575 shares during the last quarter. Finally, Select Equity Group L.P. bought a new stake in shares of Adobe during the first quarter worth $57,922,000. 80.75% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ:ADBE traded up $4.90 during trading hours on Thursday, reaching $335.78. The company had a trading volume of 2,240,777 shares, compared to its average volume of 3,550,336. Adobe Inc. has a 1-year low of $274.73 and a 1-year high of $694.89. The firm has a market cap of $156.10 billion, a PE ratio of 33.11, a price-to-earnings-growth ratio of 2.33 and a beta of 1.26. The business’s 50 day moving average price is $304.16 and its 200-day moving average price is $364.58. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.14 and a quick ratio of 1.14.

Adobe (NASDAQ:ADBEGet Rating) last announced its quarterly earnings results on Thursday, September 15th. The software company reported $2.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.02). Adobe had a net margin of 28.00% and a return on equity of 36.49%. The company had revenue of $4.43 billion during the quarter, compared to analyst estimates of $4.44 billion. During the same period in the previous year, the firm posted $2.65 earnings per share. The company’s revenue was up 12.6% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 11.11 EPS for the current year.

Insider Activity

In other news, Director John E. Warnock sold 17,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $319.60, for a total value of $5,433,200.00. Following the completion of the sale, the director now directly owns 383,465 shares in the company, valued at $122,555,414. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Scott Belsky sold 2,711 shares of the business’s stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $319.12, for a total transaction of $865,134.32. Following the completion of the sale, the executive vice president now directly owns 24,217 shares in the company, valued at $7,728,129.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John E. Warnock sold 17,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $319.60, for a total value of $5,433,200.00. Following the sale, the director now owns 383,465 shares of the company’s stock, valued at $122,555,414. The disclosure for this sale can be found here. Insiders sold 24,543 shares of company stock worth $7,690,103 over the last three months. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on ADBE shares. Edward Jones lowered Adobe from a “buy” rating to a “hold” rating in a research note on Monday, September 19th. Wolfe Research cut their price target on Adobe from $470.00 to $340.00 and set an “outperform” rating on the stock in a research note on Friday, September 16th. StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a research note on Saturday, November 12th. KGI Securities assumed coverage on Adobe in a research note on Friday, September 2nd. They issued a “neutral” rating on the stock. Finally, BMO Capital Markets cut their target price on Adobe from $345.00 to $332.00 and set a “market perform” rating on the stock in a research note on Monday, October 17th. Seventeen investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Adobe has an average rating of “Hold” and an average target price of $405.42.

Adobe Company Profile

(Get Rating)

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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