State of Michigan Retirement System Trims Holdings in Adobe Inc. (NASDAQ:ADBE)

State of Michigan Retirement System cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 27.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 128,023 shares of the software company's stock after selling 49,600 shares during the quarter. State of Michigan Retirement System's holdings in Adobe were worth $49,101,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. Garde Capital Inc. purchased a new position in Adobe during the first quarter valued at approximately $34,000. Krane Funds Advisors LLC increased its position in Adobe by 110.4% during the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after acquiring an additional 730 shares during the last quarter. Burling Wealth Partners LLC bought a new position in Adobe during the fourth quarter valued at $1,173,000. Financial Counselors Inc. increased its position in Adobe by 9.2% during the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after acquiring an additional 5,298 shares during the last quarter. Finally, Summit Trail Advisors LLC grew its holdings in shares of Adobe by 36.2% in the first quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock worth $3,728,000 after purchasing an additional 2,583 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Down 2.2%

NASDAQ:ADBE traded down $8.08 on Friday, reaching $363.35. 3,545,215 shares of the company's stock were exchanged, compared to its average volume of 3,454,388. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $154.13 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51. The business has a fifty day moving average of $396.03 and a 200-day moving average of $405.83. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the company posted $4.48 earnings per share. The business's revenue for the quarter was up 10.6% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ADBE shares. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Bank of America increased their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Rothschild & Co Redburn cut shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a research note on Wednesday, July 2nd. Finally, JMP Securities reissued a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average target price of $480.08.

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.