Public Employees Retirement System of Ohio Has $89.48 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Public Employees Retirement System of Ohio decreased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 201,229 shares of the software company's stock after selling 10,456 shares during the period. Public Employees Retirement System of Ohio's holdings in Adobe were worth $89,483,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Sepio Capital LP lifted its stake in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after acquiring an additional 22 shares during the last quarter. Cadence Bank boosted its holdings in shares of Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC boosted its holdings in shares of Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after acquiring an additional 22 shares in the last quarter. RB Capital Management LLC boosted its holdings in shares of Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after acquiring an additional 22 shares in the last quarter. Finally, Foster Group Inc. boosted its holdings in shares of Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company's stock valued at $234,000 after acquiring an additional 23 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Performance

Shares of Adobe stock opened at $414.33 on Friday. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The firm has a market capitalization of $176.59 billion, a price-to-earnings ratio of 33.41, a PEG ratio of 2.15 and a beta of 1.55. The business has a 50-day simple moving average of $376.81 and a 200 day simple moving average of $432.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the company posted $4.48 EPS. On average, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several analyst reports. Citigroup lowered their target price on Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Jefferies Financial Group lowered their target price on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Bank of America lowered their target price on Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Finally, Stifel Nicolaus lowered their target price on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $502.88.

Insiders Place Their Bets

In related news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.16% of the company's stock.

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.

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