Public Sector Pension Investment Board Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Public Sector Pension Investment Board increased its stake in Adobe Inc. (NASDAQ:ADBE) by 71.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,222 shares of the software company’s stock after acquiring an additional 7,155 shares during the quarter. Public Sector Pension Investment Board’s holdings in Adobe were worth $9,568,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. J. Stern & Co. LLP grew its holdings in shares of Adobe by 3.9% during the second quarter. J. Stern & Co. LLP now owns 78,175 shares of the software company’s stock worth $43,429,000 after buying an additional 2,900 shares in the last quarter. Harmony Asset Management LLC grew its holdings in shares of Adobe by 1.6% during the second quarter. Harmony Asset Management LLC now owns 6,548 shares of the software company’s stock worth $3,638,000 after buying an additional 100 shares in the last quarter. HighVista Strategies LLC purchased a new stake in shares of Adobe during the second quarter worth $1,722,000. Commonwealth Financial Services LLC grew its holdings in shares of Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares in the last quarter. Finally, Fairscale Capital LLC purchased a new stake in shares of Adobe during the second quarter worth $1,318,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $527.87 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a fifty day moving average price of $548.42 and a 200 day moving average price of $518.17. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a market cap of $234.06 billion, a PE ratio of 47.43, a P/E/G ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company 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 company earned $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Robert W. Baird upped their price objective on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Sanford C. Bernstein dropped their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Wells Fargo & Company upped their price objective on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Bank of America reaffirmed a “buy” rating and issued a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of Adobe 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 transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,759 shares of company stock valued at $18,205,903. 0.15% of the stock is owned by company insiders.

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.