Public Employees Retirement Association of Colorado Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Public Employees Retirement Association of Colorado trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 377,021 shares of the software company’s stock after selling 2,330 shares during the quarter. Adobe comprises about 0.9% of Public Employees Retirement Association of Colorado’s holdings, making the stock its 20th largest position. Public Employees Retirement Association of Colorado owned 0.09% of Adobe worth $209,450,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC lifted its stake in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its position in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC purchased a new position in shares of Adobe during the 2nd quarter worth approximately $33,000. Steph & Co. grew its holdings in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe in the 2nd quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on ADBE. Wells Fargo & Company upped their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Bank of America reaffirmed a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. BMO Capital Markets raised their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Robert W. Baird raised their price objective on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Finally, Citigroup raised their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

Adobe stock opened at $526.44 on Friday. The company has a 50 day moving average price of $549.91 and a 200-day moving average price of $519.04. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market capitalization of $233.42 billion, a PE ratio of 47.30, a P/E/G ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.26 earnings per share. As a group, equities analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock worth $18,205,903 over the last 90 days. Company insiders own 0.15% of the company’s stock.

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.