Adobe Inc. $ADBE Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Adobe Inc. by 9.3%, owning 146,884 shares worth approximately $56.3 million following the sale of 15,066 shares.
• Adobe's latest quarterly earnings report showed an EPS of $5.06, exceeding estimates, with revenue of $5.87 billion, reflecting a year-over-year increase of 10.6%.
• Institutional ownership in Adobe remains high at 81.79%, with recent adjustments including Garde Capital's new stake and significant boosts from several other investors.

State of New Jersey Common Pension Fund D cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 146,884 shares of the software company's stock after selling 15,066 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Adobe were worth $56,334,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH increased its holdings in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Adobe in the first quarter valued at about $26,000. SWAN Capital LLC acquired a new position in shares of Adobe in the fourth quarter valued at about $28,000. Copia Wealth Management acquired a new position in shares of Adobe in the fourth quarter valued at about $28,000. Finally, HHM Wealth Advisors LLC acquired a new position in shares of Adobe in the first quarter valued at about $30,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the topic of a number of research reports. Stifel Nicolaus cut their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and dropped their target price for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Piper Sandler dropped their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Finally, DA Davidson reaffirmed a "buy" rating and set a $500.00 target price on shares of Adobe in a report on Friday, June 20th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Trading Up 0.7%

Adobe stock traded up $2.39 during trading on Monday, reaching $357.24. 2,916,752 shares of the company were exchanged, compared to its average volume of 3,790,775. Adobe Inc. has a 52-week low of $330.04 and a 52-week high of $587.75. The company has a market capitalization of $151.54 billion, a P/E ratio of 22.86, a PEG ratio of 1.68 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock's 50 day simple moving average is $371.84 and its two-hundred day simple moving average is $392.13.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $4.48 EPS. On average, equities research analysts expect that Adobe Inc. will post 16.65 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.