Adobe Inc. (NASDAQ:ADBE) Stock Holdings Decreased by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System reduced its Adobe Inc. stock holdings by 14.8%, now owning 20,387 shares valued at approximately $7.8 million.
• Other institutional investors, such as GAMMA Investing LLC and Goldman Sachs, have significantly increased their positions in Adobe, with GAMMA growing its holdings by 46,806.6% this quarter.
• Adobe's recent earnings report showed $5.06 earnings per share, surpassing analyst estimates and indicating a year-over-year revenue increase of 10.6%.

Maryland State Retirement & Pension System trimmed its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,387 shares of the software company's stock after selling 3,541 shares during the quarter. Maryland State Retirement & Pension System's holdings in Adobe were worth $7,819,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Evernest Financial Advisors LLC grew its stake in shares of Adobe by 7.1% in the 1st quarter. Evernest Financial Advisors LLC now owns 931 shares of the software company's stock valued at $357,000 after purchasing an additional 62 shares during the last quarter. Ironwood Investment Counsel LLC raised its stake in shares of Adobe by 29.0% during the 1st quarter. Ironwood Investment Counsel LLC now owns 15,870 shares of the software company's stock worth $6,087,000 after buying an additional 3,567 shares in the last quarter. Headlands Technologies LLC lifted its holdings in shares of Adobe by 767.7% in the 1st quarter. Headlands Technologies LLC now owns 29,806 shares of the software company's stock valued at $11,431,000 after buying an additional 26,371 shares during the period. Blue Barn Wealth LLC lifted its holdings in shares of Adobe by 1.9% in the 1st quarter. Blue Barn Wealth LLC now owns 3,991 shares of the software company's stock valued at $1,531,000 after buying an additional 73 shares during the period. Finally, Waycross Partners LLC grew its holdings in Adobe by 26.3% during the first quarter. Waycross Partners LLC now owns 40,933 shares of the software company's stock worth $15,699,000 after acquiring an additional 8,525 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Oppenheimer cut their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Citigroup dropped their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $473.88.

Adobe Stock Up 0.8%

Shares of NASDAQ ADBE traded up $2.78 on Friday, hitting $341.05. The company had a trading volume of 3,506,570 shares, compared to its average volume of 3,402,612. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm has a market capitalization of $144.67 billion, a P/E ratio of 21.82, a PEG ratio of 1.60 and a beta of 1.51. The business has a 50 day moving average of $378.55 and a two-hundred day moving average of $396.05.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share 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 analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.48 EPS. As a group, equities research analysts forecast 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.