Maryland State Retirement & Pension System decreased its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 3.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,005 shares of the software company’s stock after selling 1,194 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Adobe were worth $17,117,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in ADBE. NewSquare Capital LLC lifted its position in shares of Adobe by 278.9% during the 1st quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after purchasing an additional 53 shares during the last quarter. Financial Freedom LLC acquired a new stake in Adobe in the fourth quarter valued at $29,000. Financial Management Professionals Inc. lifted its holdings in Adobe by 171.0% during the 1st quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after buying an additional 53 shares during the last quarter. Independence Bank of Kentucky boosted its position in shares of Adobe by 209.1% during the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after acquiring an additional 46 shares in the last quarter. Finally, Fortis Capital Advisors LLC acquired a new stake in shares of Adobe during the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 80.00% of the company’s stock.
Insiders Place Their Bets
In other news, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total value of $16,731,050.00. Following the completion of the transaction, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Shantanu Narayen sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the sale, the chief executive officer now owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John E. Warnock sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $481.41, for a total value of $1,444,230.00. Following the completion of the transaction, the director now directly owns 372,965 shares of the company’s stock, valued at $179,549,080.65. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,089 shares of company stock worth $20,720,115. Corporate insiders own 0.24% of the company’s stock.
Adobe Price Performance
Shares of NASDAQ:ADBE opened at $528.89 on Friday. Adobe Inc. has a 52 week low of $274.73 and a 52 week high of $570.24. The company has a 50-day moving average price of $530.08 and a 200 day moving average price of $442.94. The company has a market cap of $241.07 billion, a P/E ratio of 50.47, a PEG ratio of 3.32 and a beta of 1.33. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.24.
Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, beating the consensus estimate of $3.98 by $0.11. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The business had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same period last year, the firm earned $2.63 EPS. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 12.56 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several equities analysts have commented on ADBE shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $615.00 price target on shares of Adobe in a research note on Friday. Atlantic Securities increased their target price on shares of Adobe from $420.00 to $580.00 in a research report on Friday, June 16th. TD Cowen lifted their price target on shares of Adobe from $600.00 to $630.00 and gave the stock an “outperform” rating in a research note on Friday. The Goldman Sachs Group upped their price objective on shares of Adobe from $550.00 to $625.00 and gave the company a “buy” rating in a research note on Friday. Finally, 888 reiterated a “maintains” rating on shares of Adobe in a research report on Friday, June 16th. Nine investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $586.38.
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.
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