California Public Employees Retirement System Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

California Public Employees Retirement System raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 986,587 shares of the software company’s stock after buying an additional 26,429 shares during the quarter. California Public Employees Retirement System owned about 0.23% of Adobe worth $438,716,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. RWA Wealth Partners LLC boosted its stake in Adobe by 2.1% in the fourth quarter. RWA Wealth Partners LLC now owns 6,665 shares of the software company’s stock valued at $2,964,000 after acquiring an additional 140 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 4th quarter worth $31,000. Arrowstreet Capital Limited Partnership grew its stake in Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after buying an additional 952,233 shares during the last quarter. PARUS FINANCE UK Ltd increased its position in Adobe by 27.5% during the 4th quarter. PARUS FINANCE UK Ltd now owns 37,045 shares of the software company’s stock valued at $16,473,000 after buying an additional 7,980 shares in the last quarter. Finally, Allianz SE purchased a new stake in Adobe in the fourth quarter valued at about $11,885,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 2.6 %

ADBE stock opened at $385.71 on Friday. Adobe Inc. has a 12 month low of $374.50 and a 12 month high of $587.75. The company has a market cap of $164.39 billion, a price-to-earnings ratio of 31.11, a PEG ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average of $431.81 and a two-hundred day moving average of $469.69.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the business posted $4.48 EPS. As a group, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last 90 days. 0.16% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on ADBE. Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. BMO Capital Markets cut their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. reduced their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a report on Wednesday, January 15th. Finally, Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $533.85.

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.