Public Sector Pension Investment Board Buys 32,895 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• The Public Sector Pension Investment Board increased its holdings in Adobe Inc. by 44.1% during the first quarter, acquiring an additional 32,895 shares and bringing its total to 107,483 shares valued at approximately $41.2 million.
• Adobe's stock reported a 0.8% increase, opening at $341.05, with a market capitalization of $144.67 billion and a twelve-month price range between $332.01 and $587.75.
10.6% year-over-year, with earnings per share of $5.06 surpassing analyst estimates by 9 cents.

Public Sector Pension Investment Board increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 44.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 107,483 shares of the software company's stock after purchasing an additional 32,895 shares during the quarter. Public Sector Pension Investment Board's holdings in Adobe were worth $41,223,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Adobe by 0.4% during the first quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock worth $15,779,895,000 after purchasing an additional 171,547 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after acquiring an additional 821,293 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after acquiring an additional 600,146 shares during the period. Northern Trust Corp grew its holdings in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after acquiring an additional 672,919 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Adobe by 68.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after purchasing an additional 1,856,544 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

NASDAQ:ADBE traded up $4.78 during trading hours on Tuesday, hitting $338.43. 3,569,055 shares of the company's stock traded hands, compared to its average volume of 3,473,941. The firm has a market cap of $143.56 billion, a P/E ratio of 21.65, a P/E/G ratio of 1.58 and a beta of 1.51. Adobe Inc. has a 52 week low of $330.04 and a 52 week high of $587.75. The business's fifty day simple moving average is $375.67 and its two-hundred day simple moving average is $394.37. 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 (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, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter last year, the business posted $4.48 earnings per share. The company's revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on ADBE. Citigroup decreased their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price for the company. in a report on Wednesday, July 2nd. Evercore ISI reaffirmed an "outperform" rating and issued a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. Finally, Stifel Nicolaus dropped their price target on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Company 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.