Adobe Inc. (NASDAQ:ADBE) Shares Sold by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 99,227 shares of the software company’s stock after selling 478 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Adobe were worth $50,070,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Wellington Management Group LLP boosted its stake in Adobe by 905.0% during the third quarter. Wellington Management Group LLP now owns 154,131 shares of the software company’s stock worth $78,591,000 after buying an additional 138,795 shares during the period. Pure Financial Advisors LLC boosted its position in shares of Adobe by 15.8% during the 4th quarter. Pure Financial Advisors LLC now owns 900 shares of the software company’s stock worth $537,000 after purchasing an additional 123 shares during the period. Fragasso Group Inc. increased its holdings in Adobe by 4.8% in the 4th quarter. Fragasso Group Inc. now owns 614 shares of the software company’s stock valued at $366,000 after purchasing an additional 28 shares during the last quarter. Curated Wealth Partners LLC raised its position in Adobe by 6.6% in the fourth quarter. Curated Wealth Partners LLC now owns 1,724 shares of the software company’s stock valued at $1,029,000 after purchasing an additional 107 shares during the period. Finally, Castle Rock Wealth Management LLC lifted its stake in Adobe by 6.1% during the fourth quarter. Castle Rock Wealth Management LLC now owns 2,245 shares of the software company’s stock worth $1,269,000 after purchasing an additional 130 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Mizuho reiterated a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. BMO Capital Markets boosted their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Robert W. Baird increased their price target on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. TD Cowen dropped their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Finally, Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $603.33.

Adobe Stock Performance

Shares of ADBE stock traded up $0.83 during mid-day trading on Tuesday, hitting $566.54. 1,538,528 shares of the stock were exchanged, compared to its average volume of 3,495,974. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market capitalization of $251.20 billion, a price-to-earnings ratio of 50.90, a P/E/G ratio of 2.92 and a beta of 1.30. The stock’s fifty day simple moving average is $506.63 and its two-hundred day simple moving average is $531.79.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter last year, the business posted $3.04 EPS. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,174 shares of company stock worth $15,120,796. 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.