Illinois Municipal Retirement Fund Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Illinois Municipal Retirement Fund decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 49,469 shares of the software company's stock after selling 3,823 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Adobe were worth $18,973,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Garde Capital Inc. bought a new position in Adobe in the 1st quarter worth $34,000. Arizona State Retirement System increased its position in Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after buying an additional 570 shares in the last quarter. Burling Wealth Partners LLC bought a new position in shares of Adobe in the fourth quarter worth about $1,173,000. Sound Income Strategies LLC lifted its position in shares of Adobe by 17.6% during the 1st quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock valued at $118,000 after buying an additional 46 shares in the last quarter. Finally, Horan Capital Advisors LLC. grew its stake in shares of Adobe by 2.4% during the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after acquiring an additional 114 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Mizuho decreased their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Summit Redstone set a $410.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Morgan Stanley dropped their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. UBS Group raised their price target on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Finally, Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $496.75.

Adobe Price Performance

Shares of Adobe stock traded up $0.88 during trading hours on Friday, reaching $385.83. The company's stock had a trading volume of 5,081,963 shares, compared to its average volume of 3,411,347. The firm has a 50 day moving average price of $392.49 and a 200-day moving average price of $412.76. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. The stock has a market cap of $164.44 billion, a P/E ratio of 24.69, a P/E/G ratio of 1.84 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.

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 for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $4.48 earnings per share. On average, analysts predict that Adobe Inc. will post 16.65 EPS for the current 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.