Adobe Inc. (NASDAQ:ADBE) Shares Sold by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 0.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 377,021 shares of the software company’s stock after selling 2,330 shares during the period. Adobe accounts for 0.9% of Public Employees Retirement Association of Colorado’s investment portfolio, making the stock its 20th biggest holding. Public Employees Retirement Association of Colorado’s holdings in Adobe were worth $209,450,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Tradewinds Capital Management LLC increased its position 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 period. Salomon & Ludwin LLC boosted its holdings in Adobe by 346.2% in the first 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 stake in Adobe in the second quarter valued at $33,000. Lynx Investment Advisory purchased a new stake in Adobe in the second quarter valued at $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Adobe in the second quarter valued at $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $18,205,903 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ADBE shares. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein lowered their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Wells Fargo & Company increased their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Finally, BMO Capital Markets increased their target price 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. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Up 3.6 %

ADBE stock opened at $526.44 on Friday. The firm has a 50-day moving average of $549.91 and a two-hundred day moving average of $519.04. The company has a market cap of $233.42 billion, a price-to-earnings ratio of 47.30, a PEG ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

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

About Adobe

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.