State of New Jersey Common Pension Fund D Sells 2,131 Shares of Adobe Inc. (NASDAQ:ADBE)

State of New Jersey Common Pension Fund D reduced its position in Adobe Inc. (NASDAQ:ADBE) by 1.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 161,950 shares of the software company’s stock after selling 2,131 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Adobe were worth $72,016,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ADBE. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment boosted its position in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC boosted its position in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. bought a new position in shares of Adobe in the fourth quarter valued at approximately $31,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Adobe

In related news, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $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. In the last ninety days, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ADBE. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Piper Sandler dropped their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Wells Fargo & Company dropped their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.2 %

Shares of NASDAQ ADBE opened at $460.16 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $607.32. The firm’s fifty day moving average is $446.56 and its 200 day moving average is $496.59. The company has a market cap of $200.31 billion, a price-to-earnings ratio of 37.11, a PEG ratio of 2.11 and a beta of 1.31.

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

Adobe Company 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.