Adobe Inc. (NASDAQ:ADBE) Position Cut by Retirement Systems of Alabama

Retirement Systems of Alabama lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 95,306 shares of the software company’s stock after selling 2,390 shares during the period. Retirement Systems of Alabama’s holdings in Adobe were worth $42,381,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of ADBE. Nordea Investment Management AB increased its stake in shares of Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares during the period. Public Sector Pension Investment Board grew its holdings in Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after buying an additional 2,100 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after acquiring an additional 78,384 shares during the period. Morse Asset Management Inc raised its stake in Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock worth $44,090,000 after acquiring an additional 1,326 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,681 shares of company stock worth $2,525,126. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on ADBE. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. Piper Sandler dropped their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. BMO Capital Markets decreased their price objective on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. Finally, Barclays cut their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.4 %

ADBE stock opened at $440.23 on Wednesday. The stock has a market capitalization of $191.63 billion, a price-to-earnings ratio of 35.50, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The company has a 50-day moving average of $460.36 and a two-hundred day moving average of $502.16. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $634.59. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.52 EPS. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current 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.